Europe's "Less" Is Doing More Than Anyone Gives It Credit For
White House Weighs Defense Production Act as U.S.
Refineries Maxed Out The model covers electricity-system costs… What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge.
The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has beeneffectively shut since March.
Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and theEIA doesn't see Middle East productionback near pre-conflict levels until the second quarter of 2027.
Meanwhile, the European Unionimports 57 percent of the energy it consumes and spent €340 billion on fossil fuel imports last year.
By every rule of thumb we've leaned on for the last fifty years, Europe is the casualty in this story.
The Commissiontrimmed its 2026 growth forecastback in May, from 1.5 percent down to 1.1, with a rebound to 1.4 percent penciled in for next year.
Unemployment holds around 6 percent across the whole window.
SetOilPrice.comas a preferred source in Googlehere.
So the world's single most important energy chokepoint closes, Brent runs up 58 percent year on year, and the bill comes to three tenths of a percentage point.
My takeaway here isn't that that's a continent falling apart…it's that it's a continent that’s spent twenty years quietly installing insulation and now it's getting to see whether it works.
The EU now runs on roughly 44 percent less energy per euro of output than it did in 1995, and more than a third of that improvement has landed since 2019 alone.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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