International media reported that gas prices in the European market rose after forecasts of colder weather entering parts of the region.
Publish dateTuesday 3 December 2024 - 10:21
According to Amac News: Citing the media, the base price of gas in the European market rose by a maximum of 2.7 percent today, Monday, after the growth it had on Friday.
This is while the weather company "Maxar Technology" has predicted that after a short period of mild temperatures, colder air will soon return to western Europe and quickly spread to other parts of the region.
According to reports, gas withdrawals from European reservoirs are currently taking place faster than usual, which may make it more difficult to rebuild reserves next year.
With the expiration of the gas transit contract between Russia and Ukraine approaching, Europe is at risk of losing some of its supply at the peak of the heating season.
Gas storage facilities across Europe are now 85 percent full, down from 95 percent at the same time last year. The European Union has also set a plan in February to eliminate gas storage to ensure it is ready by 2025.
Bloomberg Intelligence analysts said in a note that the upward trend in gas prices in Europe would continue as a cold winter approaches, which will lead to a decrease in storage levels.
Even without a severe cold snap, European gas storage levels are expected to reach 39 percent by the end of the cold season, the analysts said, making it difficult to restock gas next summer and intensifying competition with Asian consumers for gas.
Dutch gas futures, the benchmark price for gas in the European market, rose 2.3 percent to 48.90 euros per megawatt-hour at 8:45 a.m. local time in Amsterdam, according to Bloomberg.
This is while the weather company "Maxar Technology" has predicted that after a short period of mild temperatures, colder air will soon return to western Europe and quickly spread to other parts of the region.
According to reports, gas withdrawals from European reservoirs are currently taking place faster than usual, which may make it more difficult to rebuild reserves next year.
With the expiration of the gas transit contract between Russia and Ukraine approaching, Europe is at risk of losing some of its supply at the peak of the heating season.
Gas storage facilities across Europe are now 85 percent full, down from 95 percent at the same time last year. The European Union has also set a plan in February to eliminate gas storage to ensure it is ready by 2025.
Bloomberg Intelligence analysts said in a note that the upward trend in gas prices in Europe would continue as a cold winter approaches, which will lead to a decrease in storage levels.
Even without a severe cold snap, European gas storage levels are expected to reach 39 percent by the end of the cold season, the analysts said, making it difficult to restock gas next summer and intensifying competition with Asian consumers for gas.
Dutch gas futures, the benchmark price for gas in the European market, rose 2.3 percent to 48.90 euros per megawatt-hour at 8:45 a.m. local time in Amsterdam, according to Bloomberg.
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Source : news agency ISNA
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