Cold weather in Europe and the lack of pipeline flows from Russia as they deal with very cold weather have pushed European TTF benchmark natural gas prices to new record highs at €180/mw.
This and the related surge in power prices is absolutely crippling to heavy industry and a huge burden to anyone who heats their home with gas.
The wind also isn't blowing in Germany so that's further driving demand.
Any plants that can switch to oil instead of gas have now surely switched over or fired up, adding to demand for oil. Given that storage is increasingly likely to be drawn down to the absolute minimum, the chance of this extending to next year is growing by the day.
Governments are offering consumers and businesses subsidies but the cost of that is going to hit unreasonable levels before long.
Meanwhile, German authorities continue to dither on sanctioning Nord Stream 2. There's no magic way out of this except getting more gas but even if/when that's sanctioned, there are question about how much extra supply Gasprom can deliver.
In any case, it's good to be an LNG exporter. The conversion from this to Henry Hub is equivalent to about $60, or 10x current prices.
