The European natural gas crisis is getting even worse

The European natural gas crisis is getting even worse, according to Bank of America.

In a Monday research note, the investment bank highlighted Russia’s actions to limit supply to the region, adding that winter stockpiles could run low.

“The European gas situation is quickly moving from our ‘bad’ to our ‘ugly’ scenario in the past month,” the bank said.

Russia is Europe’s largest individual energy supplier, and accounts for 40% of the region’s natural gas consumption.

It’s subsequently led countries such as Germany and France to find ways to plan on rationing gas supplies to build up inventory ahead of the colder months. Some cities in Germany for example, have been turning off spotlights on historic monuments and buildings to save energy.

“With Nord Stream 1 pipeline flows at 20% of capacity, storage builds into winter could be insufficient and the EU is now planning for widespread demand rationing. How did this happen?” Bank of America said.

In this context, TASS reported that the price of gas in Europe on Tuesday surpassed $2,200 per 1,000 cubic meters, according to London’s ICE.

Last week, the price of gas rose above $2,200 for the first time since the beginning of March against the backdrop of declining supplies via Nord Stream, and then exceeded $2,300 per 1,000 cubic meters.

The price of September futures at the TTF hub in the Netherlands rose to $2,207 per 1,000 cubic meters, or 208.5 euro per MWh.Basma Qaddour

You might also like
Latest news
Israeli aggression targets civilian sites south of Damascus Russian Trade Representation in Syria holds a sports marathon to celebrate National Unity Day in Rus... Settlers burn Palestinian lands and homes east of Ramallah Lebanese resistance targets Meron base, settlements and gatherings of the Israeli enemy 43,374 martyrs since the beginning of the Israeli war of extermination on the Gaza Strip Three martyrs in Israeli air raids on southern Lebanon Syrian film (Salma) at Cairo International Film Festival Recreational activities and psychological support in Homs for children arriving from Lebanon Pezeshkian: Iran is facing an economic war to weaken it Palestinian Foreign Ministry: The occupation crimes in the West Bank are part of the war of extermin... The Syria Trust for Development in cooperation with the Finnish Relief Organization: In the Aleppo c... A Palestinian man was shot by the occupation forces near Bethlehem Syrian Postal Corporation issues a commemorative stamp on the occasion of “National Environment Day” The beginning of the winter vegetable season  in Sweida with a plan of 2890 dunums Palestinian Presidency: The world must take concrete steps on the ground against Israel With the participation of 20 Artisans, the Autumn 2024 Exhibition kicks off at Baniyas Culture Cente... Minister of Endowments discusses with Vice President of the Russian Pyatigorsk State University the ... Martyrs and wounded as a result of the occupation's bombing of Al-Nuseirat camp Lebanese National  resistance targets 4 settlements and an Israeli air base Occupation Forces Detain 10 Palestinians in the West Bank