European gas demand soars with slow wind speeds the main driver

ThePatriotLight - European gas prices dip; UBS sees more range trading By Investing.com

ThePatriotLight - European gas prices dip; UBS sees more range tradingEuropean gas prices dip; UBS sees more range trading By Investing.com

The predictions of milder weather and increasing geopolitical uncertainty, which led to a weakening of the macroeconomic outlook and speculation about an increase in fuel supply, put pressure on European energy prices last month. Despite this downward trend, however, price increases and price-driving factors, such as lower wind energy production than usual, also occurred in February.

European gas demand soars with slow wind speeds the main driver

European gas demand soared by 10% yoy through Nov-Feb, with the strongest driver being slow wind speeds and lower hydro availability, leading to a surge in gas-fired power generation. European gas demand grew by just around 22 bcm yoy since the start of November, leading to a rapid depletion of EU storage sites and tightening up market fundamentals. Colder temperatures supported higher space heating demand, up by 5% yoy, but the single most impo…