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Energy crunch deepens as US warns Europe doesn’t have enough gas ...


Energy crunch deepens as US warns Europe doesn’t have enough gas for winter

Goldman Sachs analysts say curbing demand is the only option to rebalance market

Elena Mazneva, Anna Shiryaevskaya and Rachel Morison

Europe’s energy crunch is deepening, with gas and power prices hitting fresh records after the US warned the continent isn’t doing enough to prepare for what could potentially be a dire winter.

With about a month to go before the start of the heating season, Europe doesn’t have enough natural gas in storage sites and isn’t building inventories fast enough either. Amos Hochstein, the US state department’s envoy for energy security,recently said he was worried about supplies this winter.

Energy demand is rebounding across the world as economies reopen and people return to the office. Gas stockpiles in Europe are already at the lowest level in more than a decade for this time of year, pushing up the cost of producing electricity. The rally in European energy prices is just a taste of what’s to come for other commodities, Goldman Sachs Group said in a report...

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