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European Gas Has Fortuitous Winter

NATURAL GAS

EU gas demand fell by over 20% yoy since the start of the heating season, a drop of 25 bcm in absolute terms according to the IEA.

  • When looking at by key drivers, mild weather conditions accounted for roughly half of the decline.
  • Depressed industrial demand accounts for around 25% of the overall reduction. The current price levels of below $20/mmbtu are already stimulating some demand ramping-back.
  • Efficiency gains, fuel switching and behavioural changes account for the remaining 25% of the overall demand reduction.

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