Europe's gas market has turned out to be much less bullish than forecast six or even three months ago. Last year, icy weather started gripping Northwest Europe in November, whereas this year winter has arrived later and so far been milder.In the first 11 months of 2011, EU gas consumption was 9.3% lower than in 2010, French bank Societe Generate reckons, based on its "focus group" of six national markets that together account for 61 % of EU demand. It forecasts a full-year downturn of 9.5% - much deeper than the 7.2% drop in "focus group" demand in 2009, or the 6.4% decline seen among all EU members that year by Eurogas (WGI Mar.31' 10,p3).
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