In the energy markets, Putin Is WINNING the WAR

… No matter what indicator you use, Russian President Vladimir Putin is winning in the energy markets

… earning hundreds of millions of dollars every day

… Electricity costs for homes and businesses are set to soar from October

… UK prices are likely to jump by 75%,

… in Germany some municipal utilities have already warned prices will increase in excess of 100%

… Russia has successfully weaponized energy supplies

… Western governments will come under increasing pressure to spend billions either subsidizing household bills

… The first indicator showing how Putin has turned the oil tide is Russian crude production

… the country’s output climbed back to near pre-war levels

… Russia has found new customers for the million barrels a day or so that European oil refiners have stopped purchasing due to self-sanctioning

… Everyone who bet that Russian oil production would continue to drop — myself included — got it wrong

… For now at least, energy sanctions aren’t working

… The final indicator of Russian success is political, rather than market related

… The oil market victory means Putin can afford to forego revenue by restricting natural gas sales to Europe

… Moscow is making so much money selling oil it can afford to restrict crude supply 

… A combination of cold weather, surging demand for electricity and soaring prices later this year risks undermining Western support for Ukraine

… European politicians who’ve been eager to win international kudos by flaunting their support for Kyiv may be less willing to foot the domestic bill for averting energy poverty among their own voters

… Privately, they must be acknowledging the hardships that stance threatens to inflict on their economies. Putin is winning the energy battle