🚨 EUROPE’S GAS SHOCK ISN’T OVER

Prices collapsed from 2022 highs.

But they didn’t reset to pre crisis norms.

• TTF peaked above €300/MWh in 2022
• JKM surged above $60/MMBtu
• 2025–26 levels still structurally higher than 2019
• EU power prices remain above US & China

Look at industry power costs:

• #Italy & #Germany still elevated
• EU average > US average
• #China & US structurally cheaper

Why?

• #LNG import dependence
• Loss of cheap Russian pipeline gas
• Volatile global gas linkage

This is structural cost inflation.

If gas stays globally priced:

• European industry loses margin
• Deindustrialisation risk rises
• US gains manufacturing edge

Gas isn’t just fuel.

It’s competitiveness.

#oott #NatGas #Russia

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