2022-11-07 11:55:00
EUROPEAN GAS PRICES FALL ANEW
BLOOMBERG- Nov 7, 2022 - European natural gas declined as mild weather expected during the next two weeks keeps a lid on heating demand, easing the impact of a historic energy crisis that’s already pushed consumer bills to record levels.
Benchmark futures fell as much as 6.8% to the lowest in more than a week. A slightly warmer forecast is delaying the use of the fuel from storage sites, creating a bigger buffer for the colder months. German stockpiles are more than 99% full, according to Gas Infrastructure Europe.
While prices have recently eased, they are still about three times higher than usual. European households are paying more than ever for their electricity and gas, even as governments have pledged more than 550 billion euros to shield consumers from the energy crisis, according to Helsinki-based energy consultancy VaasaETT Ltd.
Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers. That adds pressure on alternatives including nuclear power and wind generation, as well as liquefied natural gas. Next year, Europe’s gas shortage would be even wider.
Meanwhile, the US and Russia have discussed avoiding escalation of the war in Ukraine, although a settlement of the conflict wasn’t the aim of the talks, the Wall Street Journal reported, citing American and allied officials.
Dutch front-month gas futures, Europe’s benchmark, traded at €107 a megawatt-hour by 8:45 a.m. in Amsterdam.
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Earlier:
2022, November, 3, 12:20:00
EUROPEAN ENERGY TRANSFORMATION
Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.
2022, November, 2, 11:45:00
EUROPEAN GAS PRICES RISE
Dutch front-month gas, Europe’s benchmark, traded 2.4% higher at €119 per megawatt-hour by 8:43 a.m. in Amsterdam after losing 5.8% a day earlier.
2022, November, 1, 17:05:00
EUROPEAN GAS PRICES FALL
Europe’s gas storage sites are nearly 95% full, providing a buffer for when the weather turns colder. Reserves in the biggest gas consumer, Germany, have risen to 99%, according to Gas Infrastructure Europe.
2022, October, 31, 12:05:00
EUROPEAN GAS PRICES UPDOWN ANEW
The recent fall in European gas prices may not last, according to Italian energy major Eni SpA. “It’s a temporary situation,” Chief Executive Officer Claudio Descalzi said in Abu Dhabi. “We have problems in 2023 because in 2023 we don’t have Russian gas.”
2022, October, 31, 12:00:00
EUROPEAN WINTER GAS RISKS
The push to fill storage facilities before the start of winter has been successful -- with many close to capacity. But some suppliers may now want to hold back those reserves until they can sell their stored gas at more attractive rates.
2022, October, 28, 11:55:00
EUROPEAN GAS DEFICIT
While US fuel now makes up 40% of Europe’s liquefied natural gas imports, it will only offset a fraction of the deficit from Russia next summer,
2022, October, 27, 15:20:00
GLOBAL GAS CONSUMPTION WILL UP
Further in 2023, consumption is forecasted to increase by up to 1.1% driven by China, South and South East Asia and the Middle East.
