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AprEurope’s attempt to wean itself from fossil fuels has been “management by chaos,” and high energy prices could persist until 2025, according to Johannes Benigni, chairman of analysis firm JBC Energy. Natural gas futures soared to 13-year highs on the New York Mercantile Exchange, with Europe in particular feeling the pinch due to global supply shortages and its reliance on imports. Oil has also rallied, and international benchmark Brent crude hovered just below $84 per barrel on Tuesday afternoon. Speaking to CNBC’s “Street Signs Europe” on Tuesday. Benigni said that although there was some seasonality in natural gas prices, current demand pressures had exacerbated the problem.
Benigni said that come November, Russia may release more natural gas supplies into the market. This will help European utilities to refill their inventories, but he warned that the trajectory through the winter would be highly weather-dependent. “We are now at around 75% inventory. This is behind schedule.
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Benigni highlighted a confluence of factors that will have implications throughout the energy supply chain, including a major energy crunch in Russia, a “gas-to-oil switching,” and South American demand spiking due a lack of hydropower caused by droughts. “We have suppliers that were simply having maintenance issues and they thought the market would not come back so quickly, so all of that takes time again to restart the engines on the production front,” Benigni added.
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