Europe's gas crisis causes massive demand destruction

From the Market Ear:

Where does Germany stand today?

Data from the regulator on Sept 2nd shows Germany has been doing well, storage is currently at 84.26%. German legislation set out in July cited that levels must be 85% on Oct 1st and 95% on Nov 1st and the min level of storage on Feb 1st 2023 should be 40%. As you can see from below, hitting the 40% in Feb 2023 is going to be a colossal challenge.

How much demand has Germany cut so far?

In H1 2022 Germany used nearly 15% less gas.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Europe’s gas crisis causes massive demand destruction

Where does Germany stand today?

How much demand has Germany cut so far?

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