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Today’s high energy prices could be a taste of the attractions to come, a real horror movie if this winter is cold.
Benchmark US natural gas prices topped $ 5 per million UK thermal units this month, near their highest since 2014, but are quite low compared to levels in Europe and Asia . The inventory situation also seems less dramatic here as the underground storage of natural gas increases. The problem is, seasonal storage doesn’t happen fast enough, with inventories 7.1% below their five-year average and less margin for error.
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