Episode 1063: Think Tank: Europe petrochemicals face another ‘Winter of Discontent’ despite better gas supply

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Gas storage is bigger and more full, but region’s chemical sector faces another difficult winter driven by poor demand and overcapacity, especially in China. -          Europe ICIS TTF benchmark gas price collapses from more than €300/MWh to €34/MWh for October-          Europe gas storage is 95%, should be 100% by November-          More storage, import facilities mean region is better prepared than last year-          Germany industrial demand is 20% lower than 5-year average-          Cold winter in Asia and Europe would cause problems-          Long-term global LNG supplies will rise as US, Qatar almost double production-          Fertilizer demand is up as prices have fallen -          Europe fertilizer sector undermined by cheap imports-          Fertilizer production in Europe has risen from 30% to 70% of capacity-          China demographics, property woes will stifle economy-          China chemical exports will continue to rise