The price of European natural gas is still at a great height. On Monday, with the prospect of further low temperatures, he reached the highest level in two years.
The TTF schedule for delivery in one month was traded for 58.00 euros per megawatt hour (MWH) at the start of the exhibition in Amsterdam. This is the highest level since February 2023.
The price has risen since mid -December, with the increase in the previous trading days accelerated. During this time the raw material was more than 40 percent more than 40 percent. Again predictions were still referred to the market. Accordingly, the temperatures should fall in northwestern Europe in the coming days, which will probably increase the heating requirement.
Reserves
A higher heating requirement can speed up the removal of supplies. The gas reserves have continuously fallen since the beginning of the year. As can be seen in the latest data from the European Gass Storage Association GIE, the general level of the Earth’s storage in Germany has fallen less than 50 percent in the past week. At the beginning of the year, the German memory was still almost 80 percent filled. For comparison: a year ago the level had around 72 percent at the beginning of February.
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.
