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Europe Industries Cut Gas Use as Continent Saves Fuel for Winter

  • Drop of 49% in the UK’s usage is ‘staggering’: Citigroup
  • Germany preparing to trigger second stage of emergency plan
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Goldman Has Raised European Gas Price Forecast

Europe’s industries are slashing their usage of natural gas, a sign that factories could be starting to slow production so the vital fuel can be stored for winter.

“There has already been 15-20% gas demand destruction in Europe due to high prices, and countries are preparing to reduce demand further,” said Marco Saalfrank, head of continental Europe merchant trading at Axpo Solutions AG. In the UK alone, industrial gas use has fallen by about 49% through May, which is “staggering,” according to Citigroup Inc.