From pension funds to automakers, critical minerals projects have garnered a newfound interest, as industries race to tackle a looming shortage of battery metals. The rush for battery metals, needed to power electric vehicles (EVs), has brought the sector into the center stage in recent years. In addition, the U.S. Inflation Reduction Act has prompted the auto industry to scramble for stakes in miners to source battery metals from North America. 

Executive director of the International Energy Agency (IEA) Birol warned Europe that it may face an even more severe winter next year after draining its gas storages to get through this winter. European countries have filled their gas storage tanks to almost 90% of capacity following Russia’s cutoff of supplies in response to Western sanctions imposed over its invasion of Ukraine. Gas prices had soared following the February invasion, but they have started to decline recently. That, however could be short lived as countries compete with each other to find LNG supplies and other alternative sources to replace Russian pipeline deliveries. 

European natural gas prices rose more than 8% on Monday, nearing yet again an all time high, as Russia’s gas deliveries from the Yamal-Europe pipeline saw incredibly low levels. The surging gas prices in Europe has caused power prices to soar and triggered some British power suppliers to collapse.