油价已经从高点跌了30%，但债券市场并没有松口气。相反，投资者正把目光转向另一个更棘手的变量：天然气。
彭博社8月26日报道称，欧洲天然气价格已逼近五个月高位，冬季合约价格更是达到一年前的两倍以上。天然气库存目前只有约63%，创2009年以来同期最低水平。
这意味着，即使油价继续回落，通胀压力也未必会跟着消失。天然气约占欧盟能源结构的21%，在英国占比更高，一旦价格继续上涨，会更直接传导至家庭能源账单、企业成本和整体物价。市场担心，央行为压通胀可能不得不比原先预期更激进地加息。
债市已经开始提前反应。花旗指出，自7月以来，长期国债收益率与天然气价格的联动明显增强，对油价的敏感度反而下降。RBC更警告，一场“潜在的天然气能源危机”正在形成，而且它对通胀的冲击可能比石油更广。
眼下最麻烦的是，即使中东局势缓和、油价继续下跌，只要天然气供应和库存问题没有解决，通胀风险就很难真正退场。市场原本盯着石油，现在真正让人紧张的，已经换成了天然气。（国际财闻汇）
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.