"Expect an elevated price and lots of volatility for the next few years," Perkins warned, describing his forward market outlook as"slightly bearish in the front" but"constructive and bullish long term."
"Given where prices are right now, and the flows of LNG [liquefied natural gas] to northwest Europe, it's actually a bearish situation barring the complete removal of Russian gas," he said."Given that they've fired the first missile … everybody else is on notice, so those bearish bets are trimmed back," he added.
"In the winter, all bets are off," Perkins said."Without Russian gas, which is about 40% of their gas supply or their demand for gas, it's really difficult to see how the market balances without running out of gas." Last year, the European Union imported 155 billion cubic meters of natural gas from Russia, accounting for around 45% of EU gas imports and close to 40% of its total gas consumption, according to a