2023-01-18 12:15:00
EUROPEAN GAS PRICES REDUCTION
BLOOMBERG - Jan 18, 2023 - European natural gas prices edged lower as mild weather is set to return next week, further muting demand.
Benchmark futures slipped as much as 6.1%, trading near the lowest levels in 16 months.
Europe has navigated the start to the winter without severe shortages, thanks mainly to above-normal temperatures, ample global supplies and reduced consumption. Asian demand hasn’t yet rebounded, though focus remains on China’s recovery. Inflation in the UK, driven by higher energy costs, is also starting to ease.
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,” Arun Toora and Stefan Ulrich, analysts at BloombergNEF said in a report.
The “recent crash in prices is not expected to be enough to rekindle demand for liquefied natural gas in Asia, and demand destruction in Europe, particularly in the power sector, continues,” they added.
Still, production outages from Australia to the US to Nigeria may affect global supply. Freeport LNG, a liquefaction plant in Texas, is yet to return from a prolonged shutdown after an explosion in June.
Dutch front-month futures, Europe’s gas benchmark, fell 5.9% to €56.50 a megawatt-hour by 8:41 a.m. in Amsterdam.
-----
Earlier:
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,
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.
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.
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.
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.
2022, December, 19, 11:55:00
EUROPEAN GAS MARKET: DISTORTED
Russia's war against Ukraine that started in February has exacerbated gas prices. But the excesses of the TTF had already been detected before, with rises of more than 700% in 2021.
2022, December, 16, 12:35:00
EUROPEAN GAS PRICES DOWN AGAIN
Dutch front-month gas futures, a European benchmark, were 5% lower at €128 a megawatt-hour at 8:40 a.m. in Amsterdam.
