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Gas prices in Europe hit their highest for the year

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Gas is becoming more expensive on the back of a significant increase in withdrawal from European underground storage facilities, almost 50 times higher than the injection rate.

The cost of gas in Europe exceeds $500 per 1 thousand cubic meters. m for the first time since November 28, 2023. This was confirmed by data from the London ICE exchange during exchange trading on Thursday, November 14.

The price of December futures at the TTF hub in the Netherlands rose to about $500.5 per 1 thousand cubic meters. m, or 45.9 euros per MWh (based on the current exchange rate between the euro and the dollar, ICE prices are expressed in euros per MWh). The increase since the beginning of the day is about 5%.

Gas prices are rising against the backdrop of a significant increase in withdrawal from European underground storage facilities (UGS), almost 50 times higher than the injection rate.

Currently, European UGS facilities are 92.58% full (0.54% higher than the average for this date in the past five years), they have 102.76 billion cubic meters. m of gas.

We remind you that the Austrian oil and gas company OMV won a claim for 230 million euros against the Russian company in the arbitration court. Gazprom in a dispute over the interruption of gas supplies under a “German” contract.

Media: Sanctions have frozen gas production at Russian Arctic LNG 2
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Source: korrespondent

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