Target $18.72, page-5989

In Europe, demand for power in winter (mainly for heating) exceeds the European power demand in summer (when air cons are used). For this reason, the Europeans in 2022 were most anxious about sufficient power/avoiding blackouts for the December 2022/23 winter. I assume the same is similar for Asia & North America.

Solar power usually works well in summer- but not so well in winter: shorter winter days, & day time rain, fog etc, diminish solar power; & snow on wind turbines diminish, or cease, wind power in winter. More gas & coal-fired power, therefore, are necessary in winter.
(By good luck, Europe had a much warmer than usual autumn in 2022, & their winter was the 2nd warmest in history- they were still in a La Nina weather pattern then).
If we are now entering an el nino (as seems very likely), the nthn. hemisphere, in its nthn regions, will have winters that are colder, on average.

Europe emerged in March 2023 with its gas storage at c.50%- the highest % for March for several decades. They again plan to again reach c. 95% storage
by c .Nov. Dec.2023, fearing their harsh winters- this will cause gas prices, of course, to continue rise.

British natural gas also had a very big rise (21.7%) yesterday, 13.6.
(The EU benchmark, Dutch TTF, also is rising strongly- both off their very big falls from the Sept.2022 highs, to 27.5.23 lows).

Natural Gas

Natural GasCommodity	% change	pence per thermp/therm	Change
Natural Gas (UK Natural Gas Futures)	+21.27%	90.30	+16.09

The increase in gas prices will be a boost for thermal coal usage- &, eventually, for WHC SP.