US gas prices are soaring due to high temperatures in the southern states
Gas prices in the US are soaring again, which is caused by heat waves in southern regions. Temperature in Texas is set to hit new, long-unobserved highs today, and local electricity distributor ERCOT has indicated that the network may experience malfunction or even shutdown due to excessive energy consumption. It is worth remembering that a large part of the power plants in the USA use gas as an energy source. Therefore, one can expect that gas consumption in the US will hit record-high again in the near future, which will reduce the chances that inventories will jump to the 5-year average.
In Europe flows from Nord Stream I, the biggest single pipeline carrying Russian gas to Germany, are expected to stop for ten days amid annual maintenance, further exacerbating an ongoing energy crisis. For this reason France industry shifts towards oil.
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Temperature projections in the US indicate that temperatures could permanently exceed 100 degrees Fahrenheit (above 38 degrees C). Source: xStation5
Gas prices again jumped above the 50.0% Fibonacci retracement of the last upward wave. Source: xStation5
