The selloff in Euro intensifies today on the back on heightening gas crisis, which could drag the economy faster and deeper into recession.
Norway’s Equinor is temporarily shutting down three oil and gasfields after workers went on strike. The Norwegian Oil and Gas Association has warned that could cut the country’s daily gas exports by 13%. The country has supplied 20-25% of gas demand in Europe. The disruption comes at time as the Russia is already weaponizing its gas supply after Europe responded to its invasion of Ukraine.
Dutch front-month gas futures, the European benchmark, continued ti surge to highest level in four months. UK equivalent prices had jumped another 10% while Germany 2023 power is trading at record.
