Such a strong reduction in price is caused by the excess of gas on the EU market at the present time and the simultaneous limitation of its consumption.
The price of natural gas in Europe during exchange trading fell below $550 per 1,000 cubic meters. m. This is the lowest level since the end of August 2021, according to the London ICE exchange on Friday, February 17.
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Thus, the March futures price at the TTF hub in the Netherlands fell to $545 per 1,000 cubic meters. m, or EUR 49.56 per MWh (based on the current EUR/USD exchange rate, ICE prices are shown in EUR per MWh). The total price reduction per day is more than 4%.
Gas quotes fell amid forecasts of relatively warm weather in Europe this week and next. In addition, such a strong reduction in price is caused by the excess of gas on the EU market at the current time and the simultaneous limitation of its consumption.
Today UGS facilities in Europe are filled by 64.81% or 20.25% higher than the average for this date in the last five years. They contain 70.22 billion cubic meters. m of gas.
Let’s remind, this week in the European Union the mechanism of restricting prices for gas was obtained. Currently, its validity is calculated until February 2024.
It was also reported that in 2022 Europe recorded a record increase in purchases of liquefied natural gas. EU countries imported 121 million tons of LNG, up 60% compared to 2021.
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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.