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EU Gas Demand to Fall 17% Below 2017-21 Average This Winter: ICIS

NATURAL GAS

European natural gas demand is expected to be 17% below the 2017-2021 average, while a slow demand recovery is expected between 2024 and 2026 according to the ICIS Analytics Winter Gas Outlook.

  • Wholesale prices above historic levels and inflation rates will continue to drive behavior-based changes this winter, as seen since the start of this winter, the report stated.
  • European natural gas demand in the first nine months of this year stood 11% below 2022 levels and 17% below the 2017-2021 average.
  • A large portion of the energy-intensive industrial production capacity in Europe will remain idled or operated below utilization rates this winter due to higher natural gas feedstock prices.
  • Organic chemicals and ammonia production in Europe is expected to be operating at utilization rates at around 65-70% for the remainder of this year.

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