Gas prices have been plummeting for months.
In view of the well-stocked gas storage facilities, the energy crisis seems to be over.
But that could prove to be a fallacy.
Munich - Because of the Ukraine war, natural gas prices in Europe rose dramatically last year.
One reason was the heavy dependence on Russian natural gas.
The futures contract TTF on the energy exchange in the Netherlands, which is used as a reference, peaked at more than 300 euros per megawatt hour (MWh), before the war it was around 20 euros per MWh.
Development of the gas price: Prices have been falling since December
Since last December, however, the price of natural gas has fallen steadily.
On Monday (March 27, 2023), 42.6 euros per MWh still had to be paid.
The natural gas storage facilities, which are comparatively well filled towards the end of the winter months, are one of the decisive factors for the development.
According to the European storage association GIE, the filling level in all German storage systems on March 25 was just over 64 percent.
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Germany relies on LNG for gas supply
© Domenic Aquilina/dpa/picture alliance
The EU and Germany came through the crisis well because they switched to other suppliers such as Norway and Qatar after deliveries from Russia had largely ceased.
Terminals for the import of liquefied natural gas (LNG) were set up.
In addition, the economy and households have saved gas.
Low gas prices: Market experts are not giving the all-clear
But it is still too early to give the all-clear.
Because the EU and thus also Germany are now dependent on LNG imports, the prices for which are subject to fluctuations on the world markets.
China plays an important role in this.
If the demand for LNG increases there due to a growing economy, this will affect the price.
Market experts are correspondingly cautious when looking at the development of the gas price.
Ntv
reports that investment bank Goldman Sachs' commodities analysis team is warning of a doubling of currently low gas prices.
A sustainable solution to the European energy crisis is not expected until 2025, depending on LNG production capacities that are currently being built.
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Gas price driver: Ammonia producers could ramp up production again
Rising ammonia production could also fuel gas prices.
Because of high gas prices, European factories that produce ammonia have been shut down or even shut down.
Lower gas prices could make production profitable again.
"We estimate that this could mean 10 billion cubic meters of additional demand when factories ramp up production again,"
NTV
quoted analysts at Wood Mackenzie, a consulting group specializing in energy issues, as saying.
List of rubrics: © Domenic Aquilina/dpa/picture alliance
