‘Fire burn and cauldron bubble’.
The turmoil in energy markets explained in three charts
Oil at US$300? Taz what the Russians say if they cannot or don’t export oil to the rest of the world. Opec’s sectary general says ,“no capacity in the world at the moment that can replace 7mn barrels [a day] of exports” from Russia.”. For Germany, Russian petrol makes up 30% of imports. A quarter of the EU’s oil imports come from Russia. 60% of Russia’s oil exports go to Europe.
Russia has EU by the balls (Related article: (Why Russia has the EU by the balls). Moscow said it could cut natural gas supplies to Europe via the Nord Stream 1 pipeline in response to western sanctions.
See the gap between US and EU prices. US LNG producers are shipping all they can. And if Moscow cuts gas to Europe, prices will really fly.
Thoughts of a Cynical Investor 