Citi Commodity Analyst: EU Gas Price Cap Numbers Are Silly

Citi’s Global Head of Commodities Research Ed Morse has lambasted the EU’s new gas price cap, terming it as silly, impractical and unlikely to work in tight gas markets because gas markets are global and not bifurcated into individual countries, meaning the forces of demand and supply are more likely to prevail in determining gas prices, Bloomberg reports.

  As such, Morse says the price cap is likely to lead to gas shortages in Europe especially during winter months when demand is high. Further, the commodity analyst says that…