Gas prices in Europe jumped by more than 10%

Posted 15 January, 2022

Exchange prices for natural gas in Europe on Friday morning, January 14, jumped by more than 10%, exceeding $1.1 thousand per 1 thousand cubic meters. 

The price of January futures for gas according to the index of the most liquid European hub TTF in the Netherlands reached €95 per MWh, which is more than $1,143 per 1,000 cubic meters. m at the current rate follows from the data of the ICE exchange.

On December 21, 2021, gas prices in Europe reached a historic high of $2,190.4 per 1,000 cubic meters. m, after which they began to decrease. In the last days of last year, the price of January futures fell by half - to $ 1020 on December 30.

Analysts attributed the rise in gas prices last year to several factors, including the low level of occupancy of European underground storage facilities, high demand for liquefied natural gas (LNG) in Asia, uncertainty about the Nord Stream 2 gas pipeline, and the weather factor - the onset of abnormally cold weather.

Gazprom reported on January 12 that withdrawal from underground gas storage facilities (UGS) in Europe has already exceeded half of the volume pumped last year. “Gas reserves in European UGS facilities are at the lowest levels for this season over the long history of observations,” the report said.

 

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