Natural gas prices surge sharply, but the impact on European corporate profits is weaker than expected

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智通财经2026/09/14 11:35

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The European benchmark natural gas price has surged significantly this year, reaching its highest level since the end of 2022. Coupled with European natural gas inventories at a 15-year low, the market is widely concerned that a winter energy shortage may push up corporate costs and squeeze profit margins.
According to a research report by Morgan Stanley, the negative impact of this round of natural gas price increases on European companies is far lower than during the 2022 energy crisis, as most companies now have sufficient cost hedging and resilience capabilities.
In recent years, European companies have continuously undertaken energy-saving upgrades and locked in hedging contracts for raw materials and energy for the winter. Additionally, through long-term electricity agreements, contract price adjustment clauses, and pricing power, they can effectively pass on the increased cost of energy.
Performance varies by industry segment: energy costs account for a very low proportion in industries such as capital goods, automobiles, and aerospace & defense, so the impact is limited; energy, utilities, banks, and certain metal mining sectors actually benefit from price increases, with room for profit upgrades.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Natural gas prices surge sharply, but the impact on European corporate profits is weaker than expected

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