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Gas prices in Europe fell below $1,200

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The storage occupancy rate in Europe remains very high for this period.

The price of natural gas in Europe fell below $1,200 per 1,000 cubic meters. m. This was confirmed by the London Stock Exchange ICE data during trading on Monday, December 19th.

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The price of January futures at the TTF hub in the Netherlands fell to $1,193 per 1,000 cubic meters. m, or €108.775 per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in EUR per MWh). At the same time, the total price drop since the beginning of the day exceeded 6%.

There are several factors that contribute to the drop in prices. Thus, the temperature this week in most European countries is predicted to be above average climatic indicators. This should lead to a decrease in gas extraction from storage facilities.

In addition, despite last week’s withdrawal rates, UGS fill levels in Europe remain very high for this period. They are now 84.15% full (9.96% higher than the average for this date over the past five years). They contain more than 91 billion cubic meters. m of gas.

Remember that six European countries have agreed to a hydrogen corridor project. It is planned to transport “green” hydrogen produced in the Baltic Sea area through it.

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Source: korrespondent

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