Europe’s High Gas Prices Are Dampening Industrial Demand

European natural gas futures pulled back below €56 per megawatt-hour on Monday, still close to a two-year high of 58.039 per megawatt-hour (MWh) they hit on 10 February. The 10 February settlement price works out to $17.53 per million British thermal units (mmBtu) and $105.19 per barrel of oil equivalent (boe).  The move higher was driven by a rapid tightening in inventories due to colder weather, lower wind power generation due to low wind speeds and the termination of Russian gas imports via Ukraine. Europe’s gas storage was only…