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2022-10-28 12:00:00

EUROPEAN GAS PRICE UPDOWN

EUROPEAN GAS PRICE UPDOWN

BLOOMBERG- Oct 28, 2022 - Natural gas prices in Europe headed for a fourth weekly decline as unusually warm weather delays the start of the heating season.

Benchmark futures were 1.4% lower for the week. The above-average temperatures are forecast to last through mid-November with household heaters still turned off. Together with low industrial demand, it is easing any fears about shortages this winter amid Russia’s massive supply cuts.

Weaker demand is allowing gas to instead be sent to storage sites which are already almost full. While the conditions have brought relief to European leaders, uncertainty about European policy to contain the energy crisis is a concern for traders.

Policy makers are warning that reducing demand remains the key. Despite the recent decline, prices remain more than three times higher than the five-year average for this time of year. Replenishing inventories at the end of this winter will be harder without the usual supply of Russian gas, and liquefied natural gas supplies from the US may not be enough to fill the gap.

Dutch front-month gas, Europe’s benchmark, rose 3.4% to €111 per megawatt-hour at 8:57 a.m. in Amsterdam, paring some of the weekly decline.

The warm weather helped lower gas consumption last week in Germany to about 30% below the corresponding weekly average for the years 2018 to 2021, according to the country’s Federal Network Agency. The country was particularly dependent on Russian gas and the government has rushed to tap the fuel everywhere else to fill up storage sites, now 98% full, according to Gas Infrastructure Europe.

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Tags: EUROPE, RUSSIA, GAS, PRICE