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I have been warning that the drop in natural gas pricing in Europe poses a large headwind for Gazprom (OGZPY). I have also written on how at the 9M 2019 waypoint, the impact from this natural gas pricing drop was already evident in Gazprom's P&L statement. At the time, there was still hope that things could turn around in terms of natural gas pricing.
However, as time went by, things have gotten worse still. Moscow has seen its warmest winter for the last 133 years, and weather, in Europe, has also