European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis. Of course, natural gas prices are soaring everywhere—not just in Europe. The U.S. benchmark price for natural gas has nearly doubled over the last year, with front-month Henry Hub prices reaching $4.690/MMBtu as of September 6. And that’s despite record natural gas production in hot basins like Appalachia. But U.S. gas exports are soaring more, hitting all-time records. For Europe, which is coming off pandemic restrictions, the increased demand for natural gas and electricity as people return for work is triggering higher prices, and therefore inflation. Germany is battling the highest inflation since 2008, thanks to higher energy prices. Typically, demand for natural gas this time of year is still low. Today’s high prices, at a time when demand is typically low, are worrisome for Europe, which […]