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2022-11-02 11:45:00

EUROPEAN GAS PRICES RISE

EUROPEAN GAS PRICES RISE

BLOOMBERG- Nov 2, 2022 - European natural gas edged higher as traders weighed potential supply curbs this winter against unseasonably warm weather and muted demand.

Benchmark futures gained as much as 3.5%, with liquefied natural gas flows from the US in focus. Freeport LNG in Texas, hobbled by a fire earlier this year, has yet to submit a restart plan to federal regulators, stoking speculation that it won’t resume operations this month as planned.

That’s keeping the market nervous about a thin cushion of global supply after Russia’s gas cuts, which may support prices when temperatures inevitably drop. 

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.

For now, temperatures are expected above seasonal norms in most of western Europe for the next two weeks, with cooler conditions limited to the southeast of the continent, according to forecaster Maxar. Europe’s gas storage sites are nearly 95% full, providing a buffer for when the weather turns colder.

Delayed heating demand and reduced gas consumption by industries have provided some respite. At least four LNG vessels bound for the UK are delaying their unloadings amid unusually mild weather, ship-tracking and port data show.

Still, politicians are weighing more steps to safeguard markets from potential risks in colder months.

Germany is continuing to expand aid to consumers struggling with rising energy bills. The UK is testing its blackout emergency plans, the Guardian reported, citing documents that warn of a “reasonable worst-case scenario” in which energy sectors could be “severely disrupted” for up to a week.

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Earlier:

EUROPEAN GAS PRICES RISE
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.
EUROPEAN GAS PRICES RISE
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.”
EUROPEAN GAS PRICES RISE
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.
EUROPEAN GAS PRICES RISE
2022, October, 28, 12:00:00
EUROPEAN GAS PRICE UPDOWN
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.
EUROPEAN GAS PRICES RISE
2022, October, 28, 11:55:00
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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,
EUROPEAN GAS PRICES RISE
2022, October, 27, 15:25:00
GAS: A KEY ROLE
As the cleanest hydrocarbon fuel, natural gas is seen as the perfect solution that strikes the right balance, and will continue to play a key role in the future energy mix.
EUROPEAN GAS PRICES RISE
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.
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Tags: EUROPE, RUSSIA, GAS, PRICE, SANCTIONS