Any hope of the Nord Stream network resuming shipments to Germany was dashed last month by suspected sabotage. Even then, it is unlikely to make up for the missing Russian gas. A risk is that as energy supplies dwindle, energy demand will not shrink enough. European industrial gas demand has fallen as high gas prices have led factories in energy-intensive sectors such as aluminium, steel and ammonia, have shut production. Europe can't afford any surprises this winter without Russian gasA more comfortable energy supply situation could be many winters away.

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