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Good morning. Natural gas prices fell in Europe, new possibilities emerge from war in Ukraine, the Twitter-Musk fight continues and China is cozying up with Russia. Here’s what people are talking about.
Natural gas prices fell as the European Union started outlining details of its intervention into an unprecedented energy crisis, including a proposal for targets to reduce electricity demand. Power prices also slumped.
The EU is seeking to curb power consumption and provide liquidity to energy markets as it seeks to prevent the crisis from engulfing the broader economy. Still, prices remain almost eight times higher than normal for the time of year. Goldman Sachs Group Inc. expects they will halve from current levels sometime in the first quarter of 2023.