European countries have reduced the removal of gas from storage facilities against the backdrop of a significant increase in air temperature.
The price of natural gas in Europe in the course of trading briefly fell below the psychological threshold of $1,000 per 1,000 cubic meters. m for the first time since October 26. This was confirmed by the data of the London ICE exchange on Thursday, December 22.
The price of January futures at the TTF hub in the Netherlands fell to $999.6 per 1,000 cubic meters. m, or EUR 90.905 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 is about 7%.
Gas prices are falling for several reasons. First, this week’s temperatures in most of Europe were well above the December climate average. This has led to a decrease in the extraction of gas from storage facilities.
In addition, despite record withdrawal rates last week, the occupancy rate of European UGSFs remains very high for this period. Now they are 83.18% full (10.27% higher than the average for this date in the last five years), they contain less than 90 billion cubic meters. m of gas.
Let’s remind, in December, the 19th gas in Europe was traded at a level below $1200. Prices fell 6% that day.
This week, it was learned 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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