Europe & Russia: Consumption
Gas demand growth from Europe’s major markets is expected to continue over the autumn (September-November), despite an expected contraction in some markets.
UK gas demand remains strong, rising by around 11% on an annual basis in June. Continued growth in the power sector is expected to help support UK offtake over the rest of August and through the autumn. French demand is also expected to rise strongly in August. France’s consumption was up by around 11% on an annual basis in July, and it shot up by 18% year on year over the first part of August. However, Italian consumption levels are expected to fall by around 10% year on year in August as power sector demand continues to falter. Italian power sector offtake dropped by 2% year on year in June and by 11% in July. Industrial demand also fell year on year in July, helping to drag down the country’s overall consumption.