Assessment: Europe is already smack dab in an energy crisis that appears to be worsening by the day as gas prices soar to record highs. Demand destruction will be brought forward at this rate and could push the continent’s economy into stagflation … The invasion of Ukraine has transformed Russia into a commercial outcast as refiners balk at purchasing Russian energy products, and banks are refusing to finance shipments. The result is a physical market in disarray as
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