Gas is getting cheaper despite the early spring cold snap. As a result, withdrawals from European UGS facilities are at historic highs.
The price of natural gas in Europe in exchange trading fell below $450 per 1,000 cubic meters. m for the first time since July 2021. This was confirmed by the data of the London ICE exchange on Thursday, March 9.
function news4564960() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4564960&lang=2&IsAjax=true’, function (data) { $(‘#nk4564960’).html(data); });
}
news4564960();
Thus, the price of April futures at the TTF hub in the Netherlands dropped to $443 per 1,000 cubic meters. m, or 40.6 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh). The total price reduction per day is approximately 4%.
Gas is becoming cheaper on the background of relatively warm weather in Europe during the current heating season, despite some cooling in early spring. Consequently, departures from EU UGS facilities are at a historic high. On the gas day of March 7, 851 million cubic meters were withdrawn. m – a record for a specific day for the entire observation time and a maximum selection since February 2021.
Today the European UGS facilities are filled to 57.78% (20.73% higher than the average for this date in the last five years), they contain 62.79 billion cubic meters. m of gas.
It was previously reported that in 2022 gas consumption in Europe will decrease by 13% or more than 70 billion cubic meters. m. This is the region’s strongest decline in demand in history.
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
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.