Macro theory is playing out as expected. No Russia, Iran and OPEC will play hard ball. Either UK, Norway, Australia and the US start turning on the taps as a stop gap, or there is trouble coming. Gas and Oil
“We are in good shape for this winter,” Eni chief Claudio Descalzi said. “But as we said, the issue is not this winter. It will be the next one, because we are not going to have Russian gas – 98% [less] next year, maybe nothing.”
“We’ve got a difficult winter ahead, and subsequent to that we’ve got a more difficult winter in the year ahead of that, because the production that is available to Europe in the first half of 2023 is considerably less than the production we had available to us in the first half of 2022,” Russell Hardy, CEO of major oil trader Vitol
https://www.cnbc.com/2022/11/01/energy-crisis-next-winter-will-be-more-challenging-oil-ceos-warn.html
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