00:00European natural gas, it's absolutely surging. There's a little bit of a knock-on effect to American natural gas right
00:05now, Henry Hub. How bad does this get?
00:08This has perhaps been the most meaningful thing that we've seen in the energy sector so far during this conflict
00:14is that yesterday, Qatar announced that it had completely stopped its giant natural gas plant.
00:21It supplies 20% of global liquefied natural gas, which is transported to Asia, to Europe. For Europe, it's a
00:28problem because Europe has become much more important, much more dependent on liquid natural gas imports after stopping getting gas
00:35from Russia through pipelines.
00:37And the US is the other big supply, but the US is pretty maxed out. It's still building export plants,
00:43but it's supplying all the gas it can to global market.
00:46So there's not an obvious place for Europe to replace that supply if its outage is prolonged.
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