We commented today on the latest development in gas crisis with TRT World live from the Future Investment Initiative FII6 in Riyadh.
Natural gas prices plunged 25% from their highest levels ever recorded last Aug as European gas stocks reach near full levels while temperatures in Europe remains relatively mild. Certainly efficiency of consumption and consumer behavior has also played a pivotal role in this decline.
Europe now imports only 9% of its gas from Russia compared with 40% a year ago while the US and Qatar has helped in filling out that gap.
Yet, we need to be careful as move towards the end of 2022 and Q1 next year as uncertainty continues to exist on temperature levels which means prices can rebound to higher levels
Certainly the gas crisis in Europe has existed even before the War in Ukraine resulted from cumulative years of shortages in investments something that needs to be considered moving forward.