Some of the lost European demand for natural gas due to the energy crisis and record-high prices could never return, Vitol Group’s chief executive Russel Hardy said at the Energy Intelligence Forum in London on Tuesday. “For gas, demand has plummeted in Europe, with double-digit percentage reductions. We expect some of the lost demand to be permanent,” Hardy told the forum. “Gas and power had a terrible year for demand last year And it continues to be very difficult in Europe ...
The EU has also set a target for member states to reduce gas consumption. European demand for natural gas remained near the bottom of the five-year seasonal levels in August, helping inventories end the month at around 93% full, data from the Joint Organizations Data Initiative JODI showed on Monday. Gas demand in the EU was 12% lower in 2022 than the 2019-2021 average, driven by falling industrial and household gas demand, researchers at Brussels-based think tank Bruegel wrote last week.
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