Gas and electricity prices are dropping FAST in Europe right now
Gas- and electricity prices are dropping FAST in Europe right now and they are likely going to drop further!
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
What is going on? ??A thread 1/n
Nat Gas prices have dropped from >300 EURs pr MWh to levels just north of 50 EURs and day ahead prices are even lower in many areas of Europe
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
2/n pic.twitter.com/YXwgUygmkH
Prices in Spain have dropped as low as 27 EURs pr MWh for Gas as there is currently a queue of ships waiting to off-load outside of Spanish LNG ports
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
3/n pic.twitter.com/2uP7QBNrYt
This has led LNG within day prices to trade sub 25 (below the PVB price) as LNG operators are trying to get more room for the LNG waiting off-shore
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
4/n pic.twitter.com/Kphm6qbHGL
MIBGAS (Iberian market) daily spot PVB trades at 27.75 EUR pr MWh, but the curve is still fiercely sloping upwards in to November and December.
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
5/n pic.twitter.com/k1WQbSOwRa
Interestingly, the curve has a positive beta to spot developments, so even if the price action is currently driven by a short-term over-supply, it brings the ENTIRE curve down with it, even if it seems irrational
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
The same holds for TTF benchmark gas in the Netherlands
6/n pic.twitter.com/X7VmTdpJS8
Fill levels in European gas storages are approaching 100% way ahead of the deadline 1st of November and paired with milder than usual weather, this leads to a very low net spot demand for Gas
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
7/n pic.twitter.com/p4ReP3RDOe
Germany is for example still running large daily net injections into storage through mid-October as
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
1) The flow is decent
2) The temperatures are mild
and
3) The nat gas consumption among households and the industry is DOWN relative to 2021
8/n pic.twitter.com/wuZAKSphfy
There is hence very limited scarcity risks for October/November and the arrow points clearly DOWN for prices as a consequence. LNG ships are queing up and there is nowhere to place it..
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
9/n pic.twitter.com/bat3rTwdhr
This is likely going to bring the entire nat gas- and electricity curve DOWN in coming weeks at the very least until the heating season really kicks in through November..
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
The armageddon scenario is for now NOT worth talking about.. BUT…!
10/n
The 2023 supply is much less certain! LNG makes up 40% of the current supply of gas in Europe, but we are still running 20-25% below usual flow levels due to the lack of Russian gas
— AndreasStenoLarsen (@AndreasSteno) October 19, 2022
The winter just ahead of us seems to be save, but in 23 we may be in for renewed turbulence
11/n pic.twitter.com/OCLenVeNq8
Aptos launches Name Service shortly after mainner deployment
1/ We’re proud to launch the Aptos Names Service (ANS) on Mainnet: https://t.co/5eN3QDnJ0A@aptosnames allows all Aptos users to use a human-readable .apt name for their Aptos wallet address.
— Aptos Names (@aptosnames) October 19, 2022
Here's what you need to know ?
2/ Your Aptos name is your identity in the Aptos ecosystem.
— Aptos Names (@aptosnames) October 19, 2022
We want to give people a way to represent themselves in a unique and recognizable way when interacting with Aptos apps.
.apt users will have a friendlier, more accessible web3 experience as the Aptos universe grows. pic.twitter.com/satyAXFTi0
3/ Users’ wallet addresses will be automatically set as the default target address for their Aptos names.
— Aptos Names (@aptosnames) October 19, 2022
This makes sending and receiving funds easier while also reducing the likelihood of fraud and human error.
Plus, anyone who owns an Aptos name can also add a subdomain.
4a/ Ready to claim your .apt name?
— Aptos Names (@aptosnames) October 19, 2022
Starting today, the ANS registry will open at https://t.co/SXuDGfPP4R for 3+ character names.
Once claimed, you can use your .apt name in your wallet for transactions.
5/ The ANS launch is just the beginning!
— Aptos Names (@aptosnames) October 19, 2022
Backed by the world-class team @AptosLabs, developments are underway to make ANS the most robust and easy-to-use naming service in web3.
Learn more about ANS and how you can get your Aptos name today ⤵️https://t.co/jjs0Ijaen7
Harmony endured another challenging quarter following DeFi Kingdoms’ departure and the Horizon Bridge hack
.@harmonyprotocol endured another challenging quarter following DeFi Kingdoms' departure and the Horizon Bridge hack.
— Sean (@SeanButta) October 19, 2022
The macro backdrop combined with Q2's events proved to be problematic for Harmony, causing a decline in the majority of its metrics.
? on Harmony pic.twitter.com/gVnQPgKejY
1/ Network usage, defined by daily active addresses and transactions, fell by 74% and 70%, respectively. pic.twitter.com/fLwIA9CmoM
— Sean (@SeanButta) October 19, 2022
2/ The decline in daily average users (-34,000) QoQ, coincided with the overall decline in GameFi and DeFi users.
— Sean (@SeanButta) October 19, 2022
.@DefiKingdoms launch on an @avalancheavax subnet in April created downward pressure on Harmony's active user base. pic.twitter.com/4RX3l0MdXn
3/ As a result of the events that unfolded in Q2, daily Txs fell by 70% to 28 million in Q3, their lowest in over a year.
— Sean (@SeanButta) October 19, 2022
.@harmonyprotocol increased gas to ward off arb. bots in July, briefly increasing transaction fees. Fees abruptly fell in tandem with Txs at the end of QE. pic.twitter.com/D8pfdsPhOC
4/ Daily revenue suffered due to a material decline in transactions and fees QoQ. Daily average revenue fell (-82%) to $240, compared to $1,350 in Q2. pic.twitter.com/uT1mmQKw5z
— Sean (@SeanButta) October 19, 2022
5/ Harmony's ecosystem continued to experience obstacles as the crypto market fell by about 4% QoQ.
— Sean (@SeanButta) October 19, 2022
TVL was down across its top protocols. GameFi and DeFi are still the predominant apps on Harmony.
Contracts called fell by 42% QoQ, consistent with the decline in network usage. pic.twitter.com/LDez9qGcCo
6/ Top 3 protocols represent 65%+ of TVL in Q3. This concentration exposes ecosystem risk, which has already been felt by DFK's departure.
— Sean (@SeanButta) October 19, 2022
DFK Serendale's impending retirement is a substantial blow to the ecosystem, causing further downward pressure on TVL in the near-term. pic.twitter.com/kzQD45ohB7
