Energy market now at the mercy of the weather

TheStar Tue, Dec 21, 2021 10:01am - 2 years View Original

Fuel crunch: A technician handles a truck with radioactive waste in France. About a third of the country’s nuclear capacity will be halted at the start of January, pushing prices up everywhere as it normally exports power at peak times. — AP

LONDON: Everyone may be back to watching the daily number of coronavirus cases as the Omicron variant spreads through Europe, but the energy market is focusing on a more traditional gauge of worry: the temperature.

Prices soared to new records this week because of the impact of unexpected nuclear outages in France and worryingly low stockpiles across the continent.

On Friday, natural gas prices plunged as Russia decided to supply the market at the 11th hour, yet they are still at dizzyingly high levels.


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