2022-12-16 12:35:00
EUROPEAN GAS PRICES DOWN AGAIN
BLOOMBERG - Dec 16, 2022 - European natural gas prices declined as ample supplies and high storage levels cushioned the impact of the winter’s first cold snap.
Benchmark futures dropped as much as 6.4% on Friday, and were headed for the first weekly decline after four straight increases. The chill is forcing gas to be drawn from storage to meet rising demand, but reserves remain fuller than normal at about 86%. Inflows of liquefied natural gas are at the highest level for the time of the year.
While temperatures are likely to turn milder early next week, Europe would need to dip further into the gas reserves as another cold spell is forecast in the UK and the Nordics around Christmas time. The wintry blast is testing the region’s resilience amid an energy crunch that’s hit the economy and contributed to a cost-of-living crisis.
To contain the crisis, European Union leaders on Thursday backed a quick agreement for a controversial gas-price cap to put an end to months of political wrangling. They called on ministers to “finalize” the plan, along with a package of measures to rein in high energy prices, during a meeting on Monday. The key sticking point of the level of the price cap still needs to be resolved.
Dutch front-month gas futures, a European benchmark, were 5% lower at €128 a megawatt-hour at 8:40 a.m. in Amsterdam.
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Earlier:
2022, December, 13, 13:50:00
EUROPE NEED MORE GAS
Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks
2022, December, 13, 13:45:00
EUROPEAN GAS DEADLOCK
Countries led by Germany, the Netherlands and Denmark are calling for a cautious approach, while a group including Belgium, Italy, Greece and Poland is pushing for a more aggressive tool to contain gas prices.
2022, December, 12, 15:45:00
EUROPEAN GAS PRICES UPDOWN ANEW
The Arctic weather is the first real test of Europe’s resiliency this season as it faces a historic energy crisis, with Russia curbing gas supplies to the region.
2022, November, 30, 11:40:00
EUROPEAN GAS LIMITS
The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.
2022, November, 30, 11:35:00
EUROPEAN ENERGY NEED FUNDS
The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,
2022, November, 25, 10:50:00
EUROPEAN ENERGY PACKAGE
Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.
2022, November, 16, 11:00:00
EUROPEAN GAS PRICES UP
Benchmark gas futures settled 9.2% higher, following an increase of 16% on Monday. Freeport LNG in Texas will likely extend an outage that began in June, increasing global competition for much-needed supplies right before the winter.
