The increase in prices is connected to the fears of traders regarding the decrease in the supply of liquefied natural gas.
Gas prices in Europe have risen sharply and exceeded $400 per 1,000 cubic meters. m for the first time since the beginning of July. This was confirmed by the data of the London ICE exchange on Wednesday, August 9.
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So, today the value of gas supply contracts to be executed in September at the TTF hub in the Netherlands has increased by 22.43%. The price came to 38.03 euros per 1 MWh, or about $438 per 1,000 cubic meters. m of gas. This is the first time that the mark of $400 per 1000 cubic meters has been exceeded. m from July 5.
Bloomberg indicates that the rise in prices is related to traders’ fears of reduced supply of liquefied natural gas. Gas arrivals at the main export terminal in the USA are down.
Uncertainty in the market is also affected by weak demand and tight maintenance schedules among manufacturers, the agency said. In addition, there is a risk for Europe that LNG exports from the US will be diverted to Asia in the fall.
At the same time, gas storages in EU countries are filled to more than 87% and this is the highest level in history for this time of year. It is now below the 90% target by November. This keeps prices down.
It was previously reported that LNG imports into Europe are at their lowest since autumn 2021. The continent currently has above-average inventory levels and is seeing a drop in demand.
Source: korrespondent
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