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2023-01-30 11:40:00

EUROPEAN GAS PRICES DECLINE ANEW

EUROPEAN GAS PRICES DECLINE ANEW

BLOOMBERG - Jan 30, 2023 - European natural gas prices slipped again as the return of milder weather in the continent keeps a lid on heating demand, further easing the impact of a historic energy crunch.

Benchmark futures fell as much as 3.5%. While the continent’s gas inventories dropped last week amid a cold spell, they are still far above historic averages. Temperatures in northwest Europe are climbing back above seasonal norms and are expected to remain mild until mid-February, according to forecaster Maxar Technologies Inc.

The warm winter, fuel savings and ample supplies of liquefied natural gas have eased prices dramatically after a turbulent year. While risks of supply disruptions and increased competition for LNG with Asia still remain, prospects are rising that Europe can cope both this winter and next even after Russia’s deep supply cuts. 

Dutch front-month gas, Europe’s benchmark, was lower at €53.50 a megawatt-hour by 8:23 a.m. in Amsterdam. They lost 17% last week, the biggest decline since December.

Gas storage levels dropped to some 72% as of Saturday, according to the Gas Infrastructure Europe data. But it’s still far above the 10-year average of 54% for this time of the year, and remains at the top end of the historic range.

That’s helping to keep prices in check even though supplies from Europe’s top provider, Norway, have been mostly curbed by maintenance in recent days. Flows from the country are recovering from last week lows, but are still below their maximum capacity with works continuing at a major processing plant after an outage. 

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Earlier:

EUROPEAN GAS PRICES DECLINE ANEW
2023, January, 20, 11:40:00
EUROPEAN GAS PRICES DECLINE
Dutch front-month futures, Europe’s gas benchmark, were 2.8% lower at €59 a megawatt-hour by 8:29 a.m. in Amsterdam.
EUROPEAN GAS PRICES DECLINE ANEW
2023, January, 18, 12:15:00
EUROPEAN GAS PRICES REDUCTION
The region’s storage sites are around 81% full, some 20 percentage points above the five-year average. That’s providing confidence that Europe will end the winter with inventories over 50% and “more than enough gas to completely replenish its storage by the start of next winter,”
EUROPEAN GAS PRICES DECLINE ANEW
2023, January, 16, 12:35:00
EUROPE NEED U.S. LNG
According to the EU-US announcement, EU commission aims to increase annual demand for American LNG by 50BCM by the end of 2030 and procure 15BCM more in 2022,
EUROPEAN GAS PRICES DECLINE ANEW
2023, January, 11, 11:35:00
EUROPEAN LNG WINNING
LNG deliveries to Europe have helped ease an energy crisis this winter after Russian piped supply slumped.
EUROPEAN GAS PRICES DECLINE ANEW
2023, January, 5, 16:25:00
EUROPEAN GAS PRICES UPDOWN YET
Dutch front-month futures, the European gas benchmark traded 2% higher at to €66.30 per megawatt-hour by 12 p.m. in Amsterdam. The UK equivalent contract also rose. German power for next month increased 2.3% to €166 per megawatt-hour.
EUROPEAN GAS PRICES DECLINE ANEW
2022, December, 21, 12:20:00
EUROPEAN GAS PRICE CAP
"The TTF month-ahead settlement price for derivatives is by far the most widely used benchmark in gas supply contracts across the EU, followed by maturities of two-month ahead and year ahead," it states.
EUROPEAN GAS PRICES DECLINE ANEW
2022, December, 19, 12:05:00
EUROPEAN GAS PRICES UPDOWN YET
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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Tags: EUROPE, GAS, PRICE, RUSSIA