2022-06-13 14:45:00
EUROPEAN GAS UPDOWN
BLOOMBERG - June 13, 2022 - European natural gas prices swung between gains and losses as traders bet on whether muted demand will help to ease a tight market.
Warm weather across the region is expected to keep a lid on gas use for heating over the coming week, while a forecast for increased solar energy production in the UK, Germany and Spain may reduce the need for gas-fired power. Yet supply concerns persist, with flows from Russia curtailed just as Europe braces for lower shipments of liquefied natural gas from the US.
Dutch front-month gas, the European benchmark, gained 1% to 83.25 euros a megawatt-hour at 10:51 a.m. in Amsterdam, after earlier losing 3%.
Cuts to Russian supplies in recent months and fears of further curbs have prompted European energy companies to go hunting for new sources of gas to refill storage ahead of the winter. Increased imports of LNG have helped to replenish stockpiles, though an explosion last week at a key Texas LNG export terminal will limit America’s ability to help with the restocking.
Europe’s progress in refilling storage facilities has weighed on prices over the past month, with Friday marking the benchmark contract’s fifth weekly decline.
While Europe’s gas crisis is a “long way from over,” there have been signs over the past month of “at least a temporary easing in market stress,” analysts from Timera Energy said in a note.
Capped Flows
Russian deliveries via the Nord Stream pipeline to Germany -- the biggest link to the European Union -- are set to slip further on Monday, while flows via Ukraine will also remain limited, orders show.
Maintenance in Norway is also set to restrict supplies. Capacity at the Aasta Hansteen field was reduced Monday by an unplanned outage, while flows at the Kollsnes processing plant are set to be cut until Saturday, according to network operator Gassco.
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Earlier:
2022, June, 1, 10:50:00
EUROPEAN BAN ON RUSSIAN OIL
First proposed on May 4, the EU's sixth sanctions package against Russia was designed to ban its crude imports into the bloc within six months and halt flows of its oil products by the year-end to help hit Moscow's oil revenues.
2022, June, 1, 10:30:00
EUROPE ISN'T WITHOUT COAL
The war in Ukraine has triggered a scramble among some countries to buy more non-Russian fossil fuels and burn coal to cut their reliance on Russian supplies.
2022, May, 31, 13:05:00
EUROPE BANS RUSSIAN OIL
"The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned," Michel said in a tweet after a summit meeting.
2022, May, 30, 11:35:00
EUROPEAN ENERGY DEADLOCK
The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline
2022, May, 25, 11:15:00
EUROPEAN GAS AMBITIONS
As a result, short-term gas prices in Britain, France and Spain have tumbled to as little as a third of those in markets including the Netherlands and Germany,
2022, May, 25, 10:55:00
EUROPEAN GAS OBLIGATIONS
EU Member States consumed approximatively 400 bcm of gas in 2020 (25% of the EU's primary energy consumption), and they possess a combined gas storage capacity of about 105 bcm (as of 2020).
2022, May, 23, 13:10:00
EUROPEAN ENERGY PLAN
REPowerEU is about rapidly reducing our dependence on Russian fossil fuels by fast forwarding the clean transition and joining forces to achieve a more resilient energy system and a true Energy Union.
