2022-12-19 12:05:00
EUROPEAN GAS PRICES UPDOWN YET
BLOOMBERG- Dec 19, 2022 - European gas futures fluctuated ahead of a key European Union meeting to discuss a gas cap that’s almost one-third lower than an original proposal.
Benchmark futures slipped as much as 3% on Monday before rising as much as 1.3%. Prices are now slightly lower than where they were at this time last year, but are still almost three times higher than the five-year average.
After months of wrangling, EU member starts are seeking to break a deadlock over a controversial proposal to contain the impact of a historic energy crisis.
The Czech government, which holds the EU’s rotating presidency, suggested lowering the ceiling to €188 euros per megawatt-hour compared with the €275 proposed by the European Commission last month.
Above-normal temperatures are forecast in northwest Europe in the coming days and may help to curb heating demand after a recent period of freezing weather. But another cold snap is coming at the end of the year, testing the region’s resilience.
Storage sites across Europe are now about 84% full, after freezing temperatures sped up the pace of withdrawals.
Windy weather is offering the region some support. In Britain, wind generation accounts for almost half of electricity generation on Monday. Total forecast demand in the UK is down by about a quarter compared to the end of last week.
Dutch front-month futures, Europe’s gas benchmark were down 1.3% at €114 a megawatt-hour at 8:51 a.m. in Amsterdam.
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Earlier:
2022, December, 16, 12:35:00
EUROPEAN GAS PRICES DOWN AGAIN
Dutch front-month gas futures, a European benchmark, were 5% lower at €128 a megawatt-hour at 8:40 a.m. in Amsterdam.
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, December, 7, 11:45:00
RUSSIAN GAS FOR EUROPE DOWN ANEW
Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.
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, 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.
