Pekao Bank Economist on Gas Reserves in Europe: There is No More Time to Wait

Gas prices in Europe have surged past 100 euros per MWh, the highest since late 2022, influenced by the ongoing conflict in the Middle East. Initially, oil prices reacted to the war, while gas prices remained stable due to Europe's limited imports from the region and increased US exports. However, as the perception of the conflict shifted to a long-term issue, gas reserves in Europe became critically low, prompting price hikes. The upcoming winter exacerbates the situation, leading to increased energy costs for businesses and potential economic impacts. Poland may see a decline in growth due to rising energy prices and inflation, affecting household consumption and overall economic performance.