Record heat gives way to winter gas fears in Europe, Asia as Iran war rages on
As Europe and much of Asia suffer through record heatwaves, fears are already shifting to the upcoming winter, with shortfalls of natural gas and electricity price spikes anticipated as a result of the war in Iran and Middle East supply outages. The war broke out at the end of February—fortuitously avoiding disrupting the previous winter—but Qatari liquefied natural gas (LNG) outages coupled with higher-than-usual summer demand have kept import-dependent nations from adequately replenishing their natural gas storage ahead of the looming winter months.
Reported by 1 outlet — Fortune. See all sources ↓
As Europe and much of Asia suffer through record heatwaves, fears are already shifting to the upcoming winter, with shortfalls of natural gas and electricity price spikes anticipated as a result of the war in Iran and Middle East supply outages. The war broke out at the end of February—fortuitously avoiding disrupting the previous winter—but Qatari liquefied natural gas (LNG) outages coupled with higher-than-usual summer demand have kept import-dependent nations from adequately replenishing their natural gas storage ahead of the looming winter months. Prices already are surging and the competition for cargoes is escalating. It’s going to be a tough winter, period,” said David Lewis, senior analyst for gas and LNG at the Wood Mackenzie energy research firm.
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Why it matters
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- What's the story?
- As Europe and much of Asia suffer through record heatwaves, fears are already shifting to the upcoming winter, with shortfalls of natural gas and electricity price spikes anticipated as a result of the war in Iran and Middle East supply outages. The war broke out at the end of February—fortuitously avoiding disrupting the previous winter—but Qatari liquefied natural gas (LNG) outages coupled with higher-than-usual summer demand have kept import-dependent nations from adequately replenishing their natural gas storage ahead of the looming winter months.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 10m ago.
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Record heat gives way to winter gas fears in Europe, Asia as Iran war rages on
Sources1TypeCoverageFortune