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Natural Gas Broke Above Key Resistance

By Wong Kon How

This cleaner transitory energy - natural gas just broke its key resistance at $6 last month, it is now trending towards 2008’s high.

Singapore's utilities source 95% of the country's electricity from natural gas and its gas supply comes via pipelines from neighboring hydrocarbon exporters Indonesia and Malaysia, and also from seaborne LNG cargoes.

Europe imports about 40% of its natural gas from Russia. Russia supplies about half of its natural gas to Germany. Austria, Hungary, Slovenia and Slovakia get about 60% of their natural gas from Russia, while Poland sources 80%.

The Russian national energy giant Gazprom announced on 27 April 2022 that it was cutting off natural gas exports to Poland and Bulgaria over the countries' refusal to pay in rubles and to Finland this month. Energy prices could rise across the world as the EU is still finding alternatives to seek fuel elsewhere.

The uncertainty of this energy crisis will add more pressure to global inflation, however, it can also be an opportunity to some who believe there is more upside for the commodities.

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