Gas prices in Europe rise to highest since 2022
Газ
Natural gas prices in Europe on Monday, October 26, exceeded 97 euros per megawatt-hour for the first time since 2022. The market is reacting to the risks of winter shortages and the worsening situation in the Middle East.
This is reported by Bloomberg.
Benchmark European futures rose 3.5% in early trading. As of 08:50 Amsterdam time, near-term futures on the Dutch TTF hub were up 3.2% to 96.88 euros per megawatt-hour.
Traders expect heating demand to increase due to the forecasted cold snap in Europe. At the same time, global gas supplies remain limited, which could intensify competition for liquefied natural gas between Europe and Asia.
An additional risk factor remains the situation in the Middle East. According to Bloomberg, the market fears new supply disruptions amid fighting in the region and tensions around Iran.
Gas reserves in the European Union are now at about 75% of storage capacity – the lowest level for this time of year since records began in 2009. In Germany, storage is just over 61% full.
Electricity prices have also risen amid rising gas prices. French electricity futures for next month’s delivery have topped €200 per megawatt-hour for the first time since January 2023.
We will remind you that earlier the European Union increased imports of Russian gas , and the share of American gas in European imports increased to 60%.
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