Manufacturing cutbacks hit EU gas demand

摘要

Production cuts by European manufacturers of steel, nonferrous metals, chemicals and other products are denting regional gas demand, but that decrease might be insufficient to soften gas prices amid a supply crunch and high global LNG prices. According to Argus analysis, energy-intensive industries in Germany, the Netherlands, Spain, Italy, France, Poland, the UK and Portugal consumed a total of 3.27 TWh/d of gas last week — the lowest for calendar week 41 since at least 2017, including during the Covid-19 lockdowns of 2020 and 2021. That weekly figure is about 8pc lower than the 3.57 TWh/d consumed in the same period last year and 4pc below the three-year average of 3.42 TWh/d.