Europe was supposed to be facked without Russian oil and especially natty gas?
Funny thing happened on the way to tight supplies. They found other sources and the economy has dramatically slowed.
(Oilprice.com)
- Even though European natural gas prices have plummeted some 60% compared to June 2022 figures, with prompt-month TTF futures hovering around the €30 per MWh mark, the continent’s industrial gas demand
remains weak.
- Aggregated gas consumption in Germany, Italy, France, Spain, the UK, and the Netherlands is down 9.7% year-on-year, showing the growing pains of Europe to get its industry back on a path of growth.
- The Eurozone’s manufacturing PMI came in last month at the weakest reading since the first COVID months of 2020, at a mere 44.8, marking the weakest moment so far after a year of industrial contraction.
- Germany’s demand destruction is by far the largest of all major European countries, down 15% year-on-year, with key energy consumers such as steelmakers and chemical holdings still reluctant to fully restore production.