Latest on Europe's Energy Crisis - Top EU Actions and Potential Market Outlook

The European energy crisis is far from over, as countries stockpile supplies to combat the energy loss. Electricity prices remain sky-high, resulting in more closed factories, drastic cuts to production, and labor shortages. An increase in insolvencies is being witnessed in energy-intensive industries such as steel, citing high energy costs as one of the key reasons. Additionally, diesel prices remain elevated as the EU announced its ban on Russian diesel fuel and other refined oil products and is set to reduce its reliance on fossil fuels and move towards cleaner energy sources. However, with global gas supplies expected to remain tight through 2026, the question on everyone’s mind is will the EU find its way out of the severe energy crunch?