BASF ( OTCQX:BASFY ) told Reuters on Monday it is monitoring the natural gas market closely and could cut production further if needed, after Russia suspended gas flows to Germany through the Nord Stream gas pipeline.
The company, one of Germany's largest natural gas users, said it is bracing for high and volatile gas prices.
BASF ( OTCQX:BASFY ) already is lowering production of ammonia, which relies heavily on natural gas, and sourcing some it its ammonia needs from outside Europe.
There's "nothing left for [BASF] investors except to pray for some favorable European weather," Zoltan Ban writes in a bearish analysis published on Seeking Alpha .
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Bracing for higher nat gas prices, BASF warns it could cut production further