The heatwave in Europe right now is unlike anything in European history.
Tens of millions -- if not hundreds of millions -- of Europeans this week experienced the hottest January day ever recorded on New Years Day. Places in Poland and Czechia were just shy of 20-degrees celsius with some records broke by 6 degrees.
The record-shattering heatwave has sunk TTF and power prices in an incredible stroke of good luck for Europe at a perilous time.
In the US, the situation hasn't been record-breaking but it's also been remarkably warm since the Christmas storm. The latest forecasts point to more good weather throughout the first half of January in the eastern half of the country with January overall to be warmer.
The good weather should help to boost consumer spending early in the year in both the US and Europe. On the flip side, US natural gas prices have just fallen below $4 as heating demand wanes.
