LNG Prices Projected to Spike; European Stocks Dwindle
- European Union natural gas stocks stand at a record-low 67% full, far below the 80% capacity target for December as winter approaches and demand rises.
- The war on Iran has prevented liquefied natural gas shipments through the Strait of Hormuz, eliminating 36 million metric tons of supply while discouraging summer stockpiling due to high market prices.
- Gas benchmarks are trading at €81 per megawatt hour, up 150% from last year, prompting Jack Sharples of the Oxford Institute of Energy Studies to warn that even normal winter conditions could severely deplete reserves.
- Policymakers at the European Central Bank raised interest rates last week to combat energy pressures, while Italy's ruling coalition announced scrapping road tax for 14.5 million vehicles next year at a cost exceeding €2 billion.
- Competition with North Asian buyers for global liquefied natural gas cargoes threatens to drive prices higher this winter, with ExxonMobil Vice President for Global LNG Marketing Andrew Barry warning the season will test market resilience.
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79 Articles
Gas reserves in Europe ' s underground storage facilities rose to 69.62% on 19 September, as reported by the Gas Infrastructure Europe (GIE) Association of European Gas Infrastructure Operators.
The problem will not be as much of supply as the price that households and businesses will have to pay for consuming that energy.
The European electricity markets are transmitting the strongest alarm signal after the energy crisis in 2022, under conditions when Europe is approaching the cold season, and gas and electricity prices are rising, reports Bloomberg, quoted by AGERPRES.
Europe Will Face the Biggest Surge in Electricity Prices This Winter Since the Energy Crisis of 2022
Winter is approaching and the European electricity markets are beginning to show the first warning signs since the energy crisis that took place in 2022. Specifically, this is observed for example in the wholesale price of electricity for January in Germany, which already quoted above 180 €/MWh in ... Continue reading "Europe will face the biggest upturn in the price of electricity this winter since the energy crisis of 2022"
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