Electricity demand from artificial-intelligence data centres, continuous and fast-growing, is rehabilitating nuclear and pushing demand upstream to uranium; its scale and its already-contracted nature set it apart from past forecasts. TL;DR Inference, the continuous serving of AI models to hundreds…
Before it can fuel a reactor, uranium moves through a long chain, from mining to fuel assembly, where each link has its own market; there is therefore no single uranium price, but three, which must be told apart to read…
Uranium briefly crossed 100 dollars a pound in January 2026, pushed not by an industrial cycle but by electricity demand from data centres: nuclear fuel is becoming the first commodity whose cycle appears governed by computing power rather than industry.…
Gas durably dearer than in the US strikes industry unevenly: the sectors where it is both energy and feedstock — ammonia, fertilizers, base chemicals, heat-based metallurgy — see their break-even threshold shift. TL;DR Expensive gas struck European industry unevenly, hitting…
Wholesale gas prices fed through to European inflation along three channels — direct energy bills, marginal electricity pricing, industrial costs — to the point of accounting for nearly half of the 2022 inflation peak. TL;DR October 2022 marked the euro…
The 2022 gas crisis played out in a few months along a precise sequence: rupture of Russian flows, price surge, a scramble to fill storage amplified by seasonality, then adjustment through industrial rationing. TL;DR Unable to expand supply quickly, the…
Liquefied natural gas links regional markets through arbitrage: a cargo sails toward the region paying most, which narrows prices without ever equalizing them, for lack of sufficient transport capacity. TL;DR In early 2026, LNG to East Asia and European TTF…
The gap between European TTF and US Henry Hub — the transatlantic gas spread — captures, in a single magnitude, the energy cost differential between the two large industrial zones of the Atlantic. TL;DR The TTF-Henry Hub spread condenses transport,…
Natural gas has no single world price: its molecule, hard to move from one continent to another, stays captive to regional markets whose prices can diverge for long stretches. TL;DR Gas splits into regional markets because its molecule travels only…
Natural gas has no world price. Three loosely linked regional markets coexist, and the gap between them now measures a competitiveness differential between industrial zones rather than a passing market quirk. TL;DR Because natural gas clears in three loosely linked…
