Gas prices in Europe went up to a maximum in almost two years

On one trading day, the spot price of gas in Europe went up by 9%, reaching a new maximum over almost two years, Interfax reports.

Gas price at the Dutch hub TTF (day-ahead contract) for delivery on Wednesday rose to $221 per thousand cubic meters after a previous peak of $212 for delivery on Tuesday.

This is the highest value in the last 23 months – from January 30, 2019.

The flow of gas into the European pipeline network through LNG terminals in December 2020 decreased by 42% compared to December 2019. This is the sharpest drop in the entire year (in October, supplies fell by 30%, in November – by 39%).

Europe is actively consuming gas stocks from underground storage facilities. The December 2020 withdrawals are almost double the level of withdrawals from the same period last year. Currently, the occupancy rate of UGS facilities in Europe has reached 75.53%, which is 2.87 percentage points higher than the average for the previous five seasons (72.66%).

Tags: gas, EU, UGSF, heating season, Gas market, pipeline, price, gas supplies, consumers

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