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46 comments on Update on UK Natural Gas Supplies and Storage
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46 comments on Update on UK Natural Gas Supplies and Storage
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what is the price UK pays for nat gas. Here in the USA the current price is a dismal $4.8
$4.8 per mmbtu or $0.48/therm
But NatGas is not a fungible commodity.
Do you have a pipe running from the gas well to
your home?
If not you're no different than Iceland. Geothermal anyone?
"But Iceland at least had the luxury of letting banks default – shifting losses on to the rest of the world. It refused to honour foreign debts.
“They drew a line,” said Jerry Rawclifffe, who tracks Iceland for Fitch Ratings. “They created new banks, parking the old losses in resolution committees. It is not easy for other governments to walk away. They have a duty of care.”
Indeed, if Britain walked away from UK banks’ $4.4 trillion of foreign liabilities – worth eight times Lehman Brothers – it would destroy the credibility of the City and take the whole world into deeper depression.
“The UK cannot go down that route because it would set off an asset price death spiral,” said Marc Ostwald, a bond expert at Monument Securities. “The Western banking system is already on life support. That would turn it off altogether.”
Via: Telegraph: via cryptogon
Ironically the first countries to go bankrupt will be better off than the later ones - same as banks.
A)other countries will bail them out
B)they get head start on building different, unlevered economy.
Nate, you're right but IMHO it only applies to smallish countries such as Iceland, i.e. the countries left standing have to be able to absord the loss. It's similar with insurance policies whether private or tax payer funded, e.g. the whole population cannot be unemployed and in receipt of benefits.
You are familiar with what happened when Lehmans went under and the whole banking market almost died so imagine something several times worse if the UK went bust. There could be no failout. The trillions being carried on other banks books would have to be written off (mark to market and the market value would be zero) and it would trigger financial meltdown within minutes.
You're both exactly right.
Until critical mass is reached, those on the periphery, opting out
of the system, can avoid the violent vortex crashing
the last hanger's on to the ground.
Option A then becomes the lifeline back to the Titanic
whereas Option B the lifeboat to build on the flotsam jetsam
floating up and out.
reminds me of Asimov's works and the Foundation Trilogy.
Might a government prepare for sovereign default by deploying food stuffs, establishing community shelter centers, prohibiting household evictions and then let the banks fail?
If you are going to panic, better panic early.
Dayahead price is now at 53,25 p/therm which translates into approximately US$7,35 Million Btus.
Henry Hub (US) presently at US$4,87 per Million btus.
1 Therm = 100 000 Btus.
Forward curve favors NBP prices slightly, but USA prices aren't all at 4.80, only at henry hub. Z6 (northeast market area) eg is well above NBP for most peak winter months. Kern River otoh is going to be around 3 USD.