In Oslo you can clearly see how much the gas market has changed (forever).

Two almost simultaneous pieces of news seem to contradict each other, but in reality they help to understand what is happening in the gas market. One comes from the TTF (Title Transfer Facility) which is based in the Netherlands and is the reference virtual market for the exchange of natural gas in Europe. On Monday, after having sailed for a long time on the threshold of 52 euros, it closed with a drop of 6 percent, down to 49.6 euros per megawatt hour. The other comes from Petoro, the Norwegian state company that manages 36 oil and gas fields: on Tuesday it announced record earnings for 2022: 528 billion crowns, equal to 46.37 billion euros. It is five times more than a “normal” exercise, according to the term used by Petoro herself; and 54 percent more than 2021, which was already a record year. And this with an increase in production that was only 7 percent.