Europe NatGas Prices Continue to Hit All Time Highs

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Jon Donnel, Managing Director, B. Riley Advisory ServicesNatural gas and electricity prices in Europe continue to hit all-time highs ahead of the winter heating season as storage levels are well below seasonal norms and incremental supply has been slow to emerge. Nine gas companies in the U.K. have failed this year, including seven in the past two weeks, and CF Industries announced it will be shutting down two fertilizer plants as a result of high input costs. Last week, the IEA called on Russia to increase exports to Europe, but the ongoing regulatory approval process for the Nord Stream 2 pipeline suggests a quick fix will not be forthcoming. It will be illuminating to see how the situation unfolds, specifically what additional knock-on impacts will emerge to adjacent industries and whether changes in regulatory policies will be necessary to ensure reliable, affordable energy and electricity.

Michael Osina, Grant Thornton National Partner in Charge of Energy – Tax: Tax policy will continue to be an area of interest. While the most recently drafted proposal of new tax legislation [in the United States] omitted the repeal of oil and gas incentives, it did indicate an increase in the corporate tax rate as well as make some fairly significant changes to taxation of cross border activities. This legislation has a way to go before being finalized but it has allowed us some insight into where it is headed.

Barani Krishnan, Senior Commodities Analyst at More data pertaining to gasoline consumption as the Northern Hemisphere officially enters the fall season, denoting less driving in the United States after the peak road travel period for summer.

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