Episode 1274: Think Tank: Europe chemicals could suffer elevated energy prices despite rising supply
European chemical producers may have to keep paying high energy prices as geopolitical instability impacts sentiment more than the fundamentals of supply and demand. - Europe spot electricity prices up 76% this year, ICIS TTF gas price up 40%- Fear drives markets more than fundamentals which remain bearish- Demand is reduced compared to five-year average, supply plentiful- Above average temperatures forecast into December in Europe- Gas storage around 90%, well above 5-year average- New sources of US, Qatari liquefied natural gas (LNG) due onstream in 2025- Renewable energy will ramp up quickly in Europe- Donald Trump may increase LNG supply by unfreezing projects