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Javier Blas highlights that the key difference between the current energy shock and previous episodes is the minimal impact on U.S. natural gas prices.
He explains that this price stability is crucial for industrial activity and electricity prices, with significant implications for inflation. Blas emphasizes that while oil often receives more attention, U.S. natural gas dynamics are equally significant for the economy.
Blas has previously tracked large movements in global energy markets. He reported a 14.6 percent one-day jump in Brent crude following the Abqaiq attack. He also covered how a crisis pushed up demand for Russian floating oil storage. The focus on these episodes contrasts with the current minimal volatility in U.S. natural gas prices.