So over night russian gas flows to EU drop to 20% of capacity,...

So over night russian gas flows to EU drop to 20% of capacity, EU moves to limit energy use, further gains in coal price. hopefully NHC pushes through the 4.50 resistance level

ANZ research:

Energy marketssurged higher as Russia curbed gas supplies further. Dutch front month futuresrallied more than 13% to end the session just shy of EUR200/MWh following Gazprom’s announcement yesterday that gas flows through Nord Stream would be cut to 20% of capacity. Only one major turbine remains in working condition based on Gazprom’s statements. The other five turbines need to be returned to Canada for additional repairs. However, sanctions are likely to make that process difficult. With the prospect of gas flows remaining curbed for the foreseeable future, the European Union pressed ahead witha plan to cut gas use by 15% through next winter. Fears of an energy crunch sent power prices higher, with Germany year-ahead power climbing as much as 11% to EUR380/MWh.Russia’s move to cut natural gas supply to Europe increased fears of competition forLNG cargoes. North Asian LNGrose more than 2% to push above USD40/MMBtu as Asian consumers,including South Korea and Japan,scrambled to secure any available shipments being offered on the spot market.Even price sensitive buyers such as India and Thailand were active in the market. There is also some concern that LNG will become even more scarce when China returns to the market following several months on the sidelines as it battles outbreaks of COVID-19. The urgency in the market was exacerbated by workers on Shell’s Prelude floating LNG facility in Australia extending industrial action.The gas crisis also sent coalmarkets higher. European coal futures on ICE hit a record high while Newcastle futures climbed more than 8% to USD440/t. Coal markets have tightened up significantly as the recent extreme weather has seen strong demand from power utilities. However, the reliance on coal-generated electricity is set to grow in 2022as gas use is cut.