Energy Prices (Daily Change)
| Up/Down | Price | Change | |
|---|---|---|---|
| Crude Oil | ↓ | 90.36 | -0.08 |
| Heating Oil | ↑ | 3.7762 | +.0757 |
| RBOB Gasoline | ↓ | 2.8912 | -.1263 |
| Natural Gas | ↑ | 9.68 | +.344 |
All prices updated at end of day using CME settlements.
Financial markets had a wild day as European energy prices spiked, equity markets sank, and the Euro fell below parity with the Dollar once again.
There had begun to be chatter in the markets calling for a bottom to interest rate hikes by the Fed. With this picking the bottom trade gaining in popularity, it was ripe for a violent unraveling.
It’s easier to wait until the Fed says it is done raising rates than speculate when they will.
+ Dow falls more than 600 points on worries over Fed, Economy – WSJ
Chart of the Day – TTF Gas
What is the TTF?
Well, according to Natural Gas Intelligence:
Title Transfer Facility (TTF) is a pricing location within the Netherlands. TTF has become the most liquid pricing location in Europe, and as such, oftentimes serves as a pricing proxy for the overall European LNG import market. However, we note TTF is a physical pipeline index, and likely will not fully include or cover the cost of liquefying natural gas or accessing the pipeline grid.
Natural Gas Intelligence, what is the TTF?
While energy prices in Europe ripped, the Euro sank. Once again, the Euro has fallen below 1-to-1 parity with the US dollar
+ Euro hits lowest level in two decades as gas prices soar – FT
It’s not bad news for everyone. If you happen to have a boat that can carry LNG, your phone is ringing off the hook.
+ Europe’s natural gas crunch sparks global battle for tankers – WSJ
