Benchmark natural gas prices in Europe rose on Monday morning after falling last week, as temperatures in parts of the continent are set to ease after a period of unusually high temperatures for this time of year. , reports Bloomberg, taken by Agerpres.

At the TTF hub in Amsterdam, where reference prices are set in Europe, gas quotes rose 5.8% on Monday after falling 15% last week. At around 8:23 a.m., gas futures for delivery next month rose 4.2% to 102 euros per megawatt-hour.

Forecast company Maxar Technologies LLC predicts that parts of Europe will get colder later this week and early next week, which could force people to use their heating systems after a long delay due to unusually high temperatures.

In addition, problems at two other gas fields in Norway will keep supplies from that country at a limited level, network operator gassco said.

However, there is a high probability that this winter in Europe will be well above average, according to the European Copernicus Center for Medium-Range Weather Forecasts.

With large supplies of liquefied natural gas, reduced consumption by industrial consumers and the fact that gas storage is close to maximum, there is hope that Europe can avoid gas supply problems this winter, even if Russian gas supplies are significantly reduced.

“Forecasts for the winter of 2022/23 have been helped by a very mild October with demand more than 20% below the normal average. Despite some uncertainty about the amount of liquefied gas that will be available next year, this is a positive signal,” said analysts at Deutsche Bank AG.

However, many officials warn that the current crisis is far from over, as global gas supplies remain tight and the coming winter could be more severe.

As a result, markets are still nervous about tight supply should there be supply disruptions or a severe cold snap in the coming months.

(article photo: DreamsTime.com)