StanChart has predicted that whereas Europe's gas outages are likely to be short-lived, prices are likely to remain elevated bolstered by slower-than-average inventory builds.
U.S. financial markets remained closed on Wednesday in observance of Juneteenth, a day after news about downbeat U.S. retail sales for May raised concerns about lackluster economic activity. According to the Commerce Department's Census Bureau, retail sales grew just 0.1%, missing expectations for 0.2% growth although inflation-adjusted sales rose 0.4% last month after declining 0.3% in April.
With Gazprom highly unlikely to pay the damages, payments could be rerouted from European companies such as Austria’s OMV AG that still receive Russian gas. In such a scenario, Moscow is likely to respond by cutting off Austria’s gas supply.
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