Europe & Russia: Consumption
A cold start to the summer has boosted demand in parts of Europe. While temperatures are unlikely to provide any further support to demand in the region, the market is still expected to expand over the coming months.
The start of June brought unseasonably cold temperatures to some areas of Europe. This provided a temporary boost to demand as households turned their heating back on. Demand in France was up by 16% year on year during the first week of June. The UK and other northwest European markets were also affected by the cold snap. As temperatures will not support gas demand over the coming months, the rate of expansion will likely ease. The annual growth in total consumption in Europe’s six largest markets is expected to be around 3% during the summer.