EU Gas Crisis 2.0: Sanctions Impact Drives 40% Storage Drain Rate Spike
European gas markets are facing turbulent times as sanctions on Russian energy reshape supply chains. Germany's storage facilities reported a 40% higher withdrawal rate in Q4 2023 compared to previous years. With LNG prices surging 25% since October, industrial energy costs have hit €150/MWh, threatening production across sectors. Western sanctions have cut Russian pipeline supply by 80% since 2021, forcing aggressive LNG buying at premium rates. Market data shows German industrial output down 3.2% YoY, with chemical sector utilization at 78.5% - lowest since 2009. Analysts predict potential €200/MWh spikes if Asian demand surges in 2024.
Source: https://shorturl.at/sdvYQ
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