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EU Industrial Gas Demand to Remain Weak in 2024: BofA

NATURAL GAS

European industrial gas demand is expected to remain weak in 2024 after the 20% drop last year according to Francisco Blanch at Bank of America Corp via Bloomberg.

  • Many industries are exiting the continent permanently due to the lack of price elasticity, he said.
  • Businesses are reluctant to fully commit to Europe until the “full picture” on supplies becomes clearer.
  • A “soft” price floor for gas is expected around 35€/MWh.

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