Gas shortage puts pressure on chemical feedstocks

The European chemicals industry is facing huge uncertainty as it contemplates a winter of reduced gas supply, amid soaring energy costs and rising raw material prices.

While there was relief that Russia reopened the Nordstream gas pipeline after ten days of maintenance, flows are still a fraction of normal levels - Russia had already cut supplies to Germany by 60% in June. The EU has asked member states to cut gas consumption by 15% from August, in anticipation of a total shutdown ahead of winter.