The warm weather in October, November and January, as well as austerity measures in the EU, led to the fact that at this moment the level of gas reserves in UGS facilities is the highest recorded.
Natural gas prices in Europe have fallen again – to nearly $600 per thousand cubic meters – despite the approaching cold snap. It was found out on Tuesday, January 17.
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Thus, the “one day ahead” delivery contract at the TTF hub in the Netherlands fell to $608 per thousand cubic meters. February futures – $615.
Asian quotes remain higher than European ones. February futures on the JKM Platts index (Japan Korea Marker, reflects the spot market value of cargo shipped to Japan, South Korea, China and Taiwan) – $957.
The warm weather in October, November and January, as well as austerity measures in the EU, led to the fact that at this moment the level of gas reserves in UGS facilities is the highest recorded. This strengthens the confidence of the EU authorities in the safe passage of the winter.
The current inventory level in Europe has fallen to 81.49%, up 19% from the average for the same date over the past five years, according to data from Gas Infrastructure Europe (GIE). On the gas day on January 15, reserves fell 0.2%. Today the UGS facilities contain 88.24 billion cubic meters. m of gas.
Since the beginning of January, European LNG terminals have been operating at 63% capacity, compared to an average of 67% in December.
Earlier it was reported that the head of the ruling regime of Russia, Vladimir Putin, was left without one of the main “trump cards” due to the warm winter in Europe. He lost his supposed leverage in the war against Ukraine.
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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.