Gas price in Europe increased by another 2.4% in a day

The spot gas price in Europe increased by another 2.4% per day and has already come close to the maximum recorded in early January – $335, Interfax reports. The gas prices rises following the price of carbon emissions, Europe is cool and rainy again, and LNG supplies are declining.

The price of gas with a supply on Wednesday rose to $327 per thousand cubic meters at the TTF hub in the Netherlands, which is the highest value since January 13.

Since the beginning of the year, the average price of a day-ahead contract at TTF was $243 per thousand cubic meters. Gazprom's budget for 2021 includes an average price for gas exports to non-CIS countries at $170 per thousand cubic meters.

Over the weekend, the European industry slightly boosted pumping, taking advantage of declining industrial demand.

The current level of stocks in UGS facilities in Europe (31.33%) is 13.09 percentage points below the average for the last five years and is only 2 points higher than the historical minimum of stocks on this day of the year. In mid-May, the current level of gas in UGS facilities in Europe will become the lowest in the history of the Gas Infrastructure Europe base (since 2011).

As reported, Ukrtransgaz completed the 2020/2021 gas offtake season.

Tags: Gazprom, gas, UGSF, GTS, LNG, heating season, Gas market, pipeline, price, gas supplies, Europe

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