The Limited Times

Now you can see non-English news...

European natural gas below 30 euros per MWh, a first since June 2021

2023-05-18T14:19:17.821Z

Highlights: European natural gas briefly fell below 30 euros per MWh, this Thursday afternoon. The Dutch FTT futures contract, considered the European benchmark, was trading at €29.90 per megawatt hour. Such a level had not been reached since 2021. The situation has calmed down since then, with comfortable storage levels in Europe and rising temperatures weighing on demand. In France, the tariff shield limiting the explosion of gas bills must be extinguished this year, according to the Minister of Economy and Finance.


Shortly before 16 p.m., the Dutch FTT futures contract, considered the European benchmark, was trading at €29.90 per megawatt hour.


Prices continue to fall for gas. Already back below its pre-war price in Ukraine - around 40 euros per MWh - for two months, European natural gas briefly fell below 30 euros per MWh, this Thursday afternoon. Shortly before 16 p.m., the Dutch FTT futures contract, considered the European benchmark, was trading at €29.90 per megawatt hour. A few minutes later, it rose slightly, to about 30 euros.

Such a level had not been reached since 2021. Meanwhile, the war in Ukraine and demand tensions had led prices to record highs: in August 2022, a peak of more than 300 euros per megawatt hour had been noted, while fears surrounded the supply of the European continent. The situation has calmed down since then, with the market remaining well supplied, with comfortable storage levels in Europe and rising temperatures weighing on demand.

The authorities of the various nations are closely scrutinizing the price-setting curve, while inflation has crushed the budgets of households and businesses since the end of 2021. In France, the tariff shield limiting the explosion of gas bills must be extinguished this year, according to the Minister of Economy and Finance: As market prices have returned to an acceptable level, "there is no reason to maintain this shield," Bruno Le Maire recently said.

Source: lefigaro

All news articles on 2023-05-18

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.