Temperatures above the climatic norm led to a noticeable decrease in gas consumption in Europe and a drop in prices.
EU countries are actively pumping gas into underground storage facilities (UGS). The speed is more than twice the selection of them and has already reached a record. This was confirmed by the data of the association Gas Infrastructure Europe (GIE) on Tuesday, December 27.
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So, last Sunday the gas withdrawal reached only 89 million cubic meters. m (the minimum for the entire GIE observation period since 2011), while the injection into them was 222 million cubic meters. m.
The European heating season began on November 14, and since that moment, EU countries have taken 15.31 billion cubic meters from storage facilities. m of gas. At the same time, the total gas removal from the UGS facilities on the 42nd day from the moment they reached their maximum filling was 31% higher than the average value for that day in the previous five year.
Today, UGS facilities in Europe are 83.1% full (11.55% higher than the average for this date in the last 5 years), they contain 89.94 billion cubic meters. m of gas. The number of EU countries that carry out net extraction of gas from storage facilities has significantly decreased.
At the same time, the upcoming New Year’s week promises to be as hot as the previous week. Temperatures will exceed climatic norms in late December in many European countries. The share of wind generation in EU electricity generation has also been stable for a week at or above the 20% mark.
On the back of warm weather, Europe is reducing purchases of liquefied natural gas (LNG) from terminals to the gas transmission system, falling to the lowest since early November. The regasification capacities of liquefied gas and its additional injection into European pipelines are now loaded at 60% of the maximum.
The average purchase price of gas in December also fell sharply to $1,360 per 1,000 cubic meters. m. And on December 23, the price of January gas futures at the TTF hub in the Netherlands fell below $900 for the first time since June.
It will be recalled that on December 19, EU countries reached an agreement on setting a gas price limit of 180 euros per MWh, or approximately 1,850 euros per thousand cubic meters. The Kremlin called this decision “unacceptable.”
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.