Citi Says High Europe Gas Prices to Stay Until Later in Decade

Ed Morse, global head of commodities research at Citigroup, says Russia will run out of markets for its natural gas “pretty soon” after President Vladimir Putin threatened to cut supplies of energy products to nations that introduce price caps on Russian commodities.Source: Bloomberg

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By Sophie Caronello, Lisa Abramowicz, Jonathan Ferro, and Kailey Leinz

September 7, 2022 at 1:53 PM UTC

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Europe will have to wait until later this decade before seeing any relief from high natural gas prices, according to Citigroup Inc.

“It will be somewhere between 2025 and 2027 that we’ll see the prices in Europe coming back to where they were at the beginning of 2021,” said Ed Morse, global head of commodities research at Citigroup Inc., in a Bloomberg Television interview. That’s because it’ll take time to replace lost natural gas from Russia.