Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 30 September.

Germany slipping towards recession as sentiment falls further in September
German economic sentiment continued deteriorating in September, hitting the lowest value since May 2020 according to the latest data from the Ifo Institute on Monday.

Strike action begins at TotalEnergies sites in France
Union workers at several TotalEnergies sites across France initiated industrial action on Tuesday, with a company spokesperson stating that the firm is attempting to continue to supply its customers and service station network.

Europe base oils export prices drop on bearish sentiment
European base oils export prices slipped this week as limited demand compels players to adopt a bearish sentiment.

EU chemicals, energy-intensive sectors call for measures to tackle ‘unbearable’ gas costs
High natural gas prices in the EU are “unbearable” for energy-intensive industries, chemicals trade groups Cefic and Fertilizers Europe said on Thursday ahead of a key energy summit.

Germany scraps natgas levy, agrees €200bn package ‘to brake’ rising prices
Germany’s coalition government on Thursday agreed not to go through with a controversial levy or surcharge on natural gas consumption, which it was estimated would have cost the country’s chemical industry alone about €4bn/year.

Urea outlook weak in short term as mixed signals lead to uncertainty
Global urea prices are declining, with market activity expected to stay thin for next two to three weeks as buyers stay on the sidelines given the uncertainty surrounding future levels.