Storm Daragh, which swept through the UK at the weekend, increased wind power production and reduced gas use for generation.
Gas prices fell for a fifth straight day in Europe, helped by mild and windy weather helping to prevent supplies from running out too quickly. Bloomberg reported this.
It noted that benchmark futures fell slightly on Monday after falling 2.8% last week. Storm Daragh, which swept through the UK at the weekend, increased wind power production and reduced gas use for generation.
Mild and windy conditions are expected to return next week. This can limit gas consumption when new shipments arrive in the region. Imports of liquefied natural gas (LNG) into Europe have reached their highest level since January.
Some LNG shipments have been delayed in Wales due to the stormy weekend, but one tanker is already being removed and four more will arrive this week, according to tracking data.
Demand in Asia remains weak as top consumer China may resell more LNG cargoes due to weak domestic industrial demand and higher spot prices, making re-exports more profitable, according to leading private Chinese importer ENN Group.
Dutch one-month gas futures, the benchmark for the European market, were down 0.7% at 46.16 euros per megawatt-hour at 8:49 am in Amsterdam. The UK equivalent fell 1.1%.
It was previously reported that the actual selling price of gas in Ukraine in October 2024 decreased by 0.6% to UAH 14,406 per 1 thousand cubic meters excluding VAT. This is confirmed by data from the Ministry of Economy. After rising for five months, gas prices fell.
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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.