The prices for European natural gas registered a dramatic rise on Thursday and reached the highest level since October 2023. The TTF price rose to 55.06 euros per megawatt hour and an increase of more than 40 percent since December.
The price has risen since mid -December. During this time the raw material has increased by more than 40 percent. The newest weather forecasts are mentioned as price drivers on the market. Accordingly, the temperatures in the coming days in northwestern Europe must remain relatively low, which should probably increase the heating requirement.
Low temperatures and little wind
Dealers pay close attention to the raw material markets again. The low temperatures also influence the conditions of the wind, which stimulate gas consumption in Europe, whereby the memory is empty faster this winter faster than a year ago.
The gas reserves have continuously fallen since the beginning of the year. The gas stores in Austria are currently 61 percent – a year ago the level was 81 percent at the beginning of February. 52 percent of the German natural gas stores are full, a year ago the comparative value was 74 percent.
What does Trump’s customs club do?
In addition to the cold winter weather, market observers also declared the increase in gas price with concern about the consequences of the customs policy of the new US government. Because of the rates, a trade conflict between the United States and China, that the further development of the world economy could slow down.
Despite the last rise, the price of European natural gas is still considerably below the level it had reached in the early phase of the Ukraine war. In the summer of 2022 the lists had occurred to considerably more than 300 euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
