Wednesday, February 24, 2021

Gas price in Europe fell below $ 200


Gas flow from LNG terminals to Europe’s gas transmission network is now 1.5 times higher than in January

The level of gas reserves in European underground storage facilities reached 38.52% fullness. This is below the average for the previous five years.

In Europe, the spot price for natural gas fell below the psychological level of $ 200 per thousand cubic meters amid a strong thaw. Interfax reported about it on Monday, February 22.

“After the frosty front, the Beast from Vostok-2, Europe was covered by a wave of unprecedentedly warm air. The temperature has been rising for a week and on Wednesday the air will warm up to almost summer levels,” the message says.

It is indicated that at the Dutch TTF hub, which sets the price trend around the world, the price of gas with delivery on Tuesday dropped to $ 199 per thousand cubic meters. During the current winter, the quotations of blue fuel have been above $ 200 for two months – since the last decade of December.

“During this time, there was a rise to $ 335 in mid-January. On average, winter prices for TTF add up as follows: $ 202 for December, $ 257 for January and an intermediate total of $ 223 per thousand cubic meters for February,” the publication says.

Meanwhile, the level of gas reserves in underground storage facilities in Europe reached 38.52% fullness. This is 5.6% below the average for the previous five years.

Although the flow of gas from LNG terminals to the European gas transmission network in February decreases by a third in annual terms, it is still about one and a half times higher than in January.

Last week it was reported that bad weather in the United States affected the price of gas in Europe. Prices rose by $ 6 dollars and reached the level of $ 213 per thousand cubic meters.

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