European benchmark TTF gas prices are up 10% today while they're up nearly 8% in the US.
EU leaders reached a watered-down voluntary deal to curb gas production today. That they reached a deal at all was a bit of a surprise after Italy and Greece said yesterday that they don't need to curb usage.
EU energy commissioner Kadri Simson said that if implemented, today's deal would save enough gas to get through an average winter, even if all exemptions are used. She warned that if Russia completely cuts off supply this month, there would be a shortage of 45 billion cubic meters.
She also touted this deal as a blueprint for further coordinated action if needed.
Another theme to watch is gas-to-oil switching and gas-to-coal switching.
