{"id":1506581,"date":"2024-12-07T13:10:00","date_gmt":"2024-12-07T18:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1506581"},"modified":"2024-12-07T13:10:00","modified_gmt":"2024-12-07T18:10:00","slug":"europes-industry-set-to-suffer-as-natural-gas-prices-surge","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/europes-industry-set-to-suffer-as-natural-gas-prices-surge\/1506581\/","title":{"rendered":"Europe’s Industry Set To Suffer As Natural Gas Prices Surge"},"content":{"rendered":"

Europe’s Industry Set To Suffer As Natural Gas Prices Surge<\/span><\/p>\n

\n

Authored by Svetana Paraskova via OilPrice.com,<\/em><\/a><\/p>\n

Europe\u2019s industry is set to lose further competitiveness<\/strong> as high energy prices, rising natural gas prices, and concerns about gas supply this winter are increasing uncertainty about factory utilization amid rising costs.<\/strong><\/p>\n

<\/a><\/p>\n

European benchmark natural gas prices are hovering around a\u00a0one-year high<\/a>\u00a0<\/strong>hit last month as cold snaps in November dashed hopes and prayers of a third relatively mild winter in a row.<\/p>\n

In recent weeks, Europe\u00a0has been depleting<\/a>\u00a0its natural gas stocks at the fastest pace since 2016 as demand has increased with the colder temperatures.<\/p>\n

This adds to the looming end of Russian pipeline gas supply to Europe via Ukraine after December 31 and growing competition for spot LNG supply with Asia for winter demand.<\/strong><\/p>\n

As a result, Dutch TTF Natural Gas Futures, the benchmark for Europe\u2019s gas trading, jumped last month\u00a0to a 2024 high\u00a0and continued to rise in early December, boosting power prices across Europe and raising energy costs for businesses.<\/p>\n

This winter could inflict more pain on industries relying on natural gas and force curtailments in production, analysts and industry executives have told\u00a0Reuters<\/a>.<\/strong><\/p>\n

The much higher energy costs in Europe are putting its industries at a disadvantage compared to the U.S., Asia, or the Middle East.<\/p>\n

For example, the current Dutch hub price is almost five times higher than the benchmark\u00a0U.S. natural gas price<\/a>\u00a0at Henry Hub.<\/p>\n

The highest spot-based electricity prices in Europe since February 2023 threaten industrial production in key economies and loom large over business sentiment.<\/strong><\/p>\n

The rising energy costs threaten major European economies, just as Germany, the biggest economy in Europe,\u00a0narrowly avoided a recession<\/a>\u00a0in the third quarter of the year.<\/p>\n

Eurozone GDP\u00a0grew by 0.4%<\/a>\u00a0in the third quarter,<\/strong> Eurostat\u2019s flash estimate has shown. That was higher than expected as the two top economies, those of Germany and France, outperformed forecasts.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 12\/07\/2024 – 08:10<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/europes-industry-set-suffer-natural-gas-prices-surge<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Europe’s Industry Set To Suffer As Natural Gas Prices Surge Authored by Svetana Paraskova via OilPrice.com, Europe\u2019s industry is set to lose further competitiveness as…<\/p>\n","protected":false},"author":0,"featured_media":1506582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1506581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1506581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1506581"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1506581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1506582"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1506581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1506581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1506581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}