Raw materials are becoming cheaper due to warming in Europe and the high level of occupancy of underground storage facilities.
Natural gas prices in Europe continue to actively decline and have already dropped below $1,100 per 1,000 cubic meters. m. This was confirmed by the London Stock Exchange ICE data during trading on Tuesday, December 20.
Thus, the price of January futures at the TTF hub in the Netherlands dropped to $1,098 per 1,000 cubic meters. m, or €100.21 per MWh (based on the current EUR/USD exchange rate, ICE prices are shown in EUR per MWh). The total price drop since the beginning of the day exceeded 7%.
Gas prices are all being reduced for the same reasons as the day before. Temperatures this week are expected to be above average across much of Europe. This should lead to a decrease in gas extraction from storage facilities.
In addition, despite last week’s withdrawal rates, European UGS fill levels remain very high for December. Currently, they are 83.82% full (10.08% higher than the average for this date in the past five years), they contain just over 90.7 billion cubic meters. m of gas.
Let’s remind, in December, the 19th gas in Europe was traded at a level below $1200. Then prices dropped by 6%.
It was also learned yesterday that EU countries have reached an agreement on setting a gas price cap of 180 euros per MWh, or about 1,850 euros per thousand cubic meters. The Kremlin called this decision “unacceptable.”
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Source: korrespondent
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