Natural gas – Germany has raised its alarm level of supply disruption (ICYMI)

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This via AP overnight on news that on Thursday the German government has activated the second phase of its three-stage emergency plan for natural gas supplies

• warning that Europe’s biggest economy faces a “crisis” and storage targets for the winter are at risk

Follows Russia reducing energy deliveries to several countries

• last week reduced natural gas to Germany, Italy, Austria, the Czech Republic and Slovakia

Industrial customers are being asked to reduce the amount of natural gas they use

• “Even if we can’t feel it yet — we are in a gas crisis,” German Economy and Energy Minister Robert Habeck said.

This does not auger well for German industrial production.

Gas prices have come off the boil: