Reference quotations of natural gas on the European market fell on Tuesday morning to 11%, continuing the decline recorded on Monday, according to the Bloomberg agency, quoted by Agerpres.
Natural gas futures for delivery next month fell 7.9% to 60.80 euros per megawatt-hour at the TTF gas hub in Amsterdam, where European benchmark prices are set, around 9:30 a.m.
In general, since the beginning of the year, the price of natural gas in Europe has decreased by 20%.
Gas prices may continue to fall in the coming days as temperatures rise in northwest Europe and warm weather continues into the first week of February, according to long-term weather forecasts by specialist Maxar Technologies. .
Meanwhile, traders are keeping a close eye on the restart of Freeport LNG, a major U.S. liquefied natural gas export terminal closed after an explosion in the summer of 2022. Repairs are complete and the operator intends to resume operations. , at least in part, activities, even if it is currently unclear when the first deliveries will be made or whether new permits will be required.
Some analysts expect this LNG terminal to resume exports in late February or early March.
In Europe, fears about the gas crisis in winter have been dispelled
Stable supplies of liquefied gases and a high degree of filling of gas fields give Europe the necessary confidence that it will survive the current winter without problems with energy supply.
The price of gas fell last week to a 16-month low, easing some fears about inflation and the European economy.
“The gas market remained relatively stable despite the cold wave. Given that temperatures will rise until early February, volatile price evolution is not expected until then,” Alfa Energy analysts said in a weekly report.
Norway, the main supplier of gas to Europe after Russia cut supplies, said on Tuesday it was recovering from recent production cuts caused by planned and unplanned outages, but added that its total gas supplies were still below maximum capacity.
PHOTO article: Piotr Adamowicz, Dreamstime.com.
Source: Hot News
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