European Gas Tops 101 Euros for First Time Since 2022
European Gas Tops 101 Euros for First Time Since 2022 What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Europe’s benchmark natural gas prices have topped 101 euros per megawatt-hour (MWh) for the first time since the 2022 crisis as winter looms amid historically low European gas storage levels.
The front-month price at theDutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, surged by 4% as of 9 a.m.
The TTF price was on track for an 8% weekly gain amid mounting concerns that the escalation in the Middle East would continue to choke off Qatari and Emirati LNG flows through the Strait of Hormuz.
At 101.82 euros ($114) per MWh early on Friday, the European benchmark price topped the 100-euro mark for the first time since 2022, during the previous gas crisis when Russia cut off pipeline gas supply to most of its European customers after Putin invaded Ukraine.
EU storage sites were only 74.89% full as of October 29, perdatafrom Gas Infrastructure Europe.
That’s well below the five-year average of about 86% for this time of the year so close to the start of the heating season.
As temperatures drop and the heating season begins, it’s unlikely that the storage would go further up from here during the coming winter as withdrawals have started in a number of countries.
Furthermore, QatarEnergy this weekextended the force majeureon LNG deliveries to the end of the year, leaving Europe and Asia without certain term supply heading into the winter.
“The market has moved higher, with little sign of imminent relief in Persian Gulf LNG flows.
If anything, the outlook appears more dire amid the risk of renewed US strikes on Iran following the US midterm elections next week,” Warren Patterson, Head of Commodities Strategy at ING, said in a Thursdaynote.
Qatar’s extended force majeure means that “LNG supply disruptions are creeping deeper into the heating season,” Patterson said, noting that several unplanned outages in Norway are also adding to Europe’s supply concerns.
Japan to Tap $7 Billion from Government Fund to Subsidize Gasoline Prices Brent Hits $117 as Tanker Catches Fire in Strait of Hormuz What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Iran’s Oil Reserves Run Dry as U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment