It is noted that from tomorrow there is expected to be less natural gas in the pipelines to Europe and on the Norwegian side as workers on oil platforms and natural gas wells are on strike. Problems exist with and with the third largest supplier country, Algeria
Chrysostomos Tsoufis
In the US they are celebrating their Independence day, in Europe they have never felt more…hostage to Russian moods and…pipe games.
The market has been gripped by fear that the Nordstream pipeline, which the Russians are shutting down for a week for maintenance, will never reopen. The price of natural gas soared to a 4-month high of over €163/MwH.
In Germany, which is the only state in Europe that is currently in a state of alert – since Nordstream already transports 60% reduced natural gas flows – it is almost in a state of panic.
Recommendations upon recommendations to the citizens for the economy and plans upon plans even for the energy budget. In Hamburg, the local environment minister warned that citizens will have to get used to a life without hot water in the event of an acute shortage.
But the most worrying of all is the fear expressed by the German chancellor Scholz about the appearance of …yellow vests also on the streets of Berlin as we enter the autumn with energy prices remaining high.
As if the problems with the Russians were not enough, from tomorrow there is expected to be less natural gas in the pipelines to Europe and from the side of Norway, the 2nd largest exporter of gas to the Old Continent.. The workers on oil platforms and natural wells gas workers are on strike demanding higher wages, with initial estimates suggesting a reduction in production of at least 11%.
Problems exist with and with the 3rd largest supplier country, Algeria, which, wanting to take advantage of the race of European countries to fill their warehouses for the winter, seeks and achieves, according to the announcements of its ministers, higher and higher prices.
The energy precision makes inflation gigantic and this in turn threatens to derail the growth train for the Eurozone.
Investment sentiment in the Eurozone fell to a two-year low, while in Germany, for the first time since 1991, imports in May were more than exports. According to Deutsche Bank, Europe escaping recession is 50/50
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