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‘Twas global warming that defeated Putin’s gas war

Thursday, 19 January 2023

JPM with the rich irony.

If there is one lesson market participants can take away from the global natural gas market at the start of the new year, it is that a bullish narrative for price is hard to maintain when winter weather struggles to appear –particularly when supply is plentiful. To provide some perspective, this has been the warmest start to the year observed on record for the entire planet.

US Natural Gas

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.