Has Europe’s much-anticipated energy crisis been put on hold? From falling gas prices to unusually warm weather, European demand for natural gas has diminished at a notable pace heading into the winter season.
In the first half of 2022, European natural gas prices spiked, triggered by uncertainty, a buying frenzy, and colder-than-normal temperatures. However, multiple benchmarks overseas have slumped by double digits since the summer. By comparison, in the United States, natural gas prices have soared about 100 percent year to date on the New York Mercantile Exchange on strengthening demand.
A case of demand destruction—a sustained decline in the demand for goods and services in response to higher prices—and above-seasonal weather conditions have been the primary factors so far….
Source: The Epoch Times
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