The expert calls the timing of a record drop in demand for gas in the EU

European leadership faced a side effect policy "tightening screws". Rising natural gas prices, as well as declining industrial demand and energy conservation measures, should cut gas consumption in developed European countries by 10% this year alone. However, demand will actually fall on record in Europe by the largest amount in history. The International Energy Agency writes about this in its report. The IEA document is analyzed by an expert of the OilPrice resource.

Unless winter freezes, residential and commercial gas demand is expected to remain even below 2021 levels. Otherwise, the prognosis is even worse.

the IEA report says.

Due to sky-high prices and a very limited gas market, natural fuel consumption in the energy sector in Europe is forecast to fall by almost 3% this year. Industrial demand for gas is expected to fall by as much as 20%, according to the IEA. These are huge figures on the scale of the continent.

Energy-intensive industries in Europe, including aluminium, copper and zinc smelters, as well as steel producers, have already warned EU officials that they face an existential threat from rising electricity and gas prices.

The grandiose refusal of gas, caused by its high cost and shortage, will also last in the spring of 2023. By that time, it will become not a market one, but an actual one: closed enterprises and disconnected private heating systems, destroyed business, all this will affect the consumption of precious fuel. In other words, a sharp decline in demand will not become a seasonal or opportunistic market phenomenon, but permanent.
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  1. Vamp Offline Vamp
    Vamp (wamp) 5 October 2022 21: 11
    Such articles are often published by stock brokers in order to swing the course in their interest.