Renewable energy is not a natural pivot for most national oil companies
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Atlantic LNG is heading east. EU storage refill is falling behind. And TTF keeps stalling below €50/MWh. This week’s Chart Deck explains why this apparent equilibrium is as soft as melting butter.
🎧 The looming macroeconomic shock, ballooning winter risk for EU gas markets, demand destruction & post-Hormuz narrative whipsaw
The gas market is no longer pricing a clean Hormuz reopening. It is pricing something messier: conditional transit, shifting LNG flows, nervous funds, and a shortfall in European gas storage injections.
Value-at-Risk: Why TTF can’t break €50/MWh despite investment funds holding a record net long position in an unparalleled bullish setup