Free Trial
JGB TECHS

(H3) Extends Bounce Off Lows

USDCAD TECHS

Pierces The 50-Day EMA

US TSYS

Risk Buoyed Ahead Fed Blackout

NEW ZEALAND

Chris Hipkins Named To Succeed Jacinda Ardern As PM

AUDUSD TECHS

Remains Above Support At The 20-Day EMA

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Europe’s 2023/2024 Winter Will Be Even Harder: IEA Chief

NATURAL GAS

The European 2023/2024 winter energy supply situation will be even harder, because of the lack of Russian gas, a potential rebound of the Chinese economy and insufficient new LNG capacity additions in 2023, Fatih Birol, IEA chief executive director, said on Bloomberg TV.

  • “This winter…Europe can go through this winter with some economic and social bruises because we have put a lot of gas in the storage.”
  • He said next winter will be harder as gas from Russia helped to refill storage in 2022 but will not be case next year. Also a rebound in the Chinese economy may increase their LNG demand and next year the amount of new LNG capacity coming to the market is 20bcm, which is the lowest in the last 15 years.
  • “In the next few years we will still need gas in order to substitute the Russian gas, because we are not adding, we are substituting Russian gas. “
  • “On 24 February Russia was selling 75% of this gas to Europe and Europe lost it, therefore there is a need for Europe to substitute this gas in the short term, and LNG is one of the answers to that.”
195 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The European 2023/2024 winter energy supply situation will be even harder, because of the lack of Russian gas, a potential rebound of the Chinese economy and insufficient new LNG capacity additions in 2023, Fatih Birol, IEA chief executive director, said on Bloomberg TV.

  • “This winter…Europe can go through this winter with some economic and social bruises because we have put a lot of gas in the storage.”
  • He said next winter will be harder as gas from Russia helped to refill storage in 2022 but will not be case next year. Also a rebound in the Chinese economy may increase their LNG demand and next year the amount of new LNG capacity coming to the market is 20bcm, which is the lowest in the last 15 years.
  • “In the next few years we will still need gas in order to substitute the Russian gas, because we are not adding, we are substituting Russian gas. “
  • “On 24 February Russia was selling 75% of this gas to Europe and Europe lost it, therefore there is a need for Europe to substitute this gas in the short term, and LNG is one of the answers to that.”