European Gas Prices Slump Again on Warm Weather, Full Storage

[Nithavela]

The main driver for the move was weather forecasts suggesting that temperatures in continental Europe will be between 4 and 8 degrees Celsius warmer than the seasonal average this week, implying lower demand and allowing importers to continue injecting surplus gas into storage.

A mild start to the winter heating season, coupled with aggressive buying of liquefied natural gas on spot markets, has allowed Europe to fill its storage facilities ahead of schedule, easing the pressure created by Russia's effective shipment stop.

As of Sunday, EU storage facilities were 93.4% full, with the continent's two biggest markets, Germany and Italy, recording even higher levels.

European Gas Prices Slump Again on Warm Weather, Full Storage By Investing.com

 

[Hammster]

“Slump” makes it sound likes it’s bad.

 

[Nithavela]

“Slump” makes it sound likes it’s bad.

It kind of is. At the moment, gas storage is almost full, so the already paid-for gas deliveries cause logistical problems. For an hour this week, gas prices even where negative, meaning you'd get paid for taking on gas futures.

Also, really low gas prices make gas heaters and other non-sustainable technology more attractive, drawing attention from renewables.

But in the short term, the benefits obviously outweigh the drawbacks.

 

[mindlight]

European Gas Prices Slump Again on Warm Weather, Full Storage By Investing.com

We paid top dollar for gas in August, had a warm October here in Germany and now the tanks are full. With LNG terminals coming online and nuclear and coal in reserve also this Winter should be covered now. The main threat is the sabotage of key gas infrastructure. Personally, I am pleased that German families will not freeze this Winter and since so many houses and businesses here in Germany rely on gas for heating this has to be good news. In the long run, I want to turn my house green as it will be considerably cheaper that way but the suppliers of solar panels have doubled their prices recently. I am waiting for these prices to come down to a reasonable level and for supply to catch up with demand.

Gasspeicher in Deutschland: So hoch ist der Füllstand

Obwohl kein Gas mehr aus Russland kommt, füllen sich Deutschlands Gasspeicher. Aktuelle Daten zeigen, wie viel Gas durch wichtige Pipelines fließt und was das für den Füllstand der Gasspeicher bedeutet.

www.ndr.de

 

[Whyayeman]

British gas consumption is said to be down 10-15%, according to one of the big utility companies, E-on. The figure is comparing November to October 2022. If true it is a phenomenal decrease and will have repercussions on the international market price.

[Cannot find the link - I will post it when I do.]

 

[Nithavela]

British gas consumption is said to be down 10-15%, according to one of the big utility companies, E-on. The figure is comparing November to October 2022. If true it is a phenomenal decrease and will have repercussions on the international market price.

[Cannot find the link - I will post it when I do.]

Gas prices at the pump are at around 1.80 Euro per liter in germany. While this may sound ridiculous to US citizens, this is not that much more than what was paid before the war, and much less than what was paid mere months ago, with prices around 2 Euros per Liter without the gas tax (30 cents per liter) not being a rarity.

 

[Whyayeman]

Gas prices at the pump are at around 1.80 Euro per liter in germany.

Ah! Two countries divided by a common language again. The price drop refers to natural gas, used for heating and electricity generation.

Petroleum is also becoming a bit cheaper, but still well above pre-war prices.

 

[Nithavela]

Ah! Two countries divided by a common language again. The price drop refers to natural gas, used for heating and electricity generation.

Petroleum is also becoming a bit cheaper, but still well above pre-war prices.

Oh I knew that you meant natural gas. But all those energy prices are closely connected, so I felt that this was still on topic.