"I've Never Pulled Up So Many Gas Price Graphs As I Have Over The Last 24 Hours"
  [Source: http://www.zerohedge.com/fullrss2.xml 2021/09/16-03:00]

"I've Never Pulled Up So Many Gas Price Graphs As I Have Over The Last 24 Hours"

By Jim Reid, chief credit strategist at Deutsche Bank

I must admit that in 26 years of having a Bloomberg terminal, I’ve never pulled up so many gas price graphs as I have over the last 24 hours. The rise is extraordinary, especially in Europe. Indeed Dutch futures are now up c.+25% this week (including today), c.+80% since the start of August, and a remarkable c.550% over the last year. Today’s CoTD shows this and UK gas futures.

So what’s causing the rise? Well amongst other things we have:

Tight supplies, after a cold winter, have not been replenished as much as expected over the summer and ahead of this winter. 

  • Russia has sent less supplies to Europe than expected. Possibly because they are themselves replenishing supplies, possibly because they are raising the stakes ahead of Nord Stream 2 approval.

  • A lack of windy European weather limiting the use of wind power.

  • A lack of coal options as more and more plants get phased out.

Obviously a fair amount of this should be transitory (one of the words of the year!). Indeed, anyone that knows British weather will know that the wind will blow soon! However our European Gas analyst James Hubbard thinks there’s also a steady structural tightening of global gas markets that will persist for many years, and will be exaggerated by decarbonisation.

On this topic, my colleague Francis Yared has been recently discussing how if governments are serious about addressing climate change then there will be a huge cost and taxing carbon will be regressive. As such they will have to spend even more to help out lower income households. The current gas issue might be a dress rehearsal as both the Spanish and Italian governments have put in place plans to reduce the impact on consumers this past week.

So there is a bigger story brewing here. In the “Fiat, fifty and frail” piece we discussed how fiat money may be stressed again to deal with climate change in the years ahead with more spending as a result. See the full report for this and much, much more (available to professional subscribers in the usual place).

Finally I was determined to write this today without writing the word “inflation” which you’re probably all now bored of from me. I’ve now failed.

Tyler Durden Wed, 09/15/2021 - 15:00
IC設計十強 台廠占三席 - UDN 聯合新聞網
  [Source: 財經 - Google News 2021/09/16-02:54]

Blue Apron stock up 5% after meal-kit company's secondary offer, board resignations
  [Source: MarketWatch.com - MarketPulse 2021/09/16-02:50]

Shares of Blue Apron Holdings Inc. rose more than 5% in late trading Wednesday after the meal-kit company said it plans a $78 million equity raise and, in connection with that, the resignation of co-founder Matthew B. Salzberg and Barry Salzberg from Blue Apron's board "to focus on their other board roles and business interests." The stock was briefly halted earlier. The equity tap includes rights offering and the sale of additional shares and warrants, including $3 million in a private placement with Matthew B. Salzberg, who chaired the board. The board of directors has appointed Jennifer Carr-Smith, an independent board member, to be board chair. Blue Apron shares have lost 31% so far this year, contrasting with gains of around 19% for the S&P 500 index in the same period. The company last month swung to a quarterly loss and posted quarterly revenue slightly lower than the FactSet consensus.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.