OIES Podcast Series: Impact of Russia-Ukraine War on Energy Markets Series – 20 – European Gas Markets
In this latest OIES podcast James Henderson talks to Mike Fulwood, Jack Sharples and Jonathan Stern about the continuing impact of the Russia-Ukraine war on gas markets. This episode reviews the current flows of gas into Europe from all sources, in particular looking at the continuing decline in imports from Russia and the surprising continuation of very high imports of LNG. We also consider stock levels in Europe ahead of the winter and the prospects for meeting demand under different weather conditions. Jonathan Stern then discusses the latest pronouncements from the EU about price caps and considers whether the ideas are practically workable or just a political wish list. He also reviews the German decision to offer large subsidies to support retail and industrial consumers and wonders how this might affect political strategies in other member states. Finally, we look at the forecasts for the UK over the winter, reflecting on pronouncements that there may be a shortage of gas if a lengthy cold spell arrives and concluding that on balance there should be enough supply to meet demand – just, and at a price.