ECB’s Schnabel Calls Recent Energy Price Moves ‘Quite Worrying’

Schnabel's focus on diesel and refining bottlenecks, rather than just headline crude, signals that the inflation impulse may be more persistent than a simple oil-price spike. The gas side compounds this: low storage and competition with Asia for LNG limit Europe's ability to rebuild buffers before winter. The open question is whether these supply-side constraints keep feeding through to broader prices, which would shape how far the ECB can extend its tightening.