The Seasonal Cycle of European Gas Demand

Everybody's now focused on the seasonal cycle of European gas demand because it has like incredibly important international connotations. I will say really three main elements here. The first is gas demand and I think it's very important to monitor that gas demand in Europe remains reduced by the level agreed by the countries which is 15% vis-a-vis the usual levels before the crisis. LNG now is the fundamental pillar of European gas security supply. US L NG plays the fundamental role because it's now 50% of our total L Gas imports. And therefore, the short-term outlook of the LGas market is determinant. So this is the new normal for Europe which has significant industrial or competitiveness