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Gas prices in Europe increased the decline

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The occupancy level of European UGS facilities remains very high for this period. They are 83% full.

The price of natural gas in Europe fell below $920 per 1,000 cubic meters. m for the first time since October 25. This was confirmed by the data of the London ICE exchange on Friday, December 23.

Thus, the price of January futures at the TTF hub in the Netherlands dropped to $919.6 per 1,000 cubic meters. m, or 83.9 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are shown in euros per MWh). The total price decline since the beginning of the day is about 8% and is up compared to previous days this week.

Gas prices fell immediately for two main reasons. First, the temperature this week in most European countries is above average climate indicators. This has led to a decrease in the extraction of gas from storage facilities.

In addition, despite last week’s high withdrawal rate, European UGS occupancy levels remain very high for this time period. Now they are 83.02% full (10.51% higher than the average for this date in the last five years), they contain 89.85 billion cubic meters. m of gas.

Let’s remind, in December, the 19th gas in Europe was traded at a level below $1200. Prices fell 6% that day.

Also this week, it was learned that EU countries have reached an agreement to set a gas price cap of 180 euros per MWh, or about 1,850 euros per thousand cubic meters. The Kremlin called this decision “unacceptable.”

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Source: korrespondent

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