(Montel) The price of liquefied natural gas for delivery the following month in Europe continues to rise and reached its highest level in almost a year, supported by the rise in natural gas prices which also reached a peak in 'about a year.
The price of LNG for delivery to northwest Europe in December was last seen on Tuesday evening at USD 13.57/MMBtu (EUR 43.61/MWh), the same level as on the 25 October, and the highest level since November 24, 2023, according to data from Spark Commodities.
European LNG prices had already hit a three-week high on Monday, at USD 13.47/MMBtu, due to low temperatures and supply risks.
LNG prices follow the evolution of gas prices on the Dutch benchmark TTF exchange, which closed on Tuesday at EUR 44.26/MWh, their highest level since November 24, 2023, although they recorded a decline on Wednesday.
LNG prices in Europe hit new highs this week, driven by colder temperatures and tighter LNG supply, Australian bank ANZ said.
“Gas storage levels in Europe are 93% full and some market players are concerned about too rapid consumption of reserves,” she stressed. For comparison, European storages were 99.5% full at the same time last year, according to Gas Infrastructure Europe.
Furthermore, the commissioning of the Ichthys LNG plant in Australia, with a capacity of 12 billion cubic meters per year, was delayed. The plant is now expected to reach maximum capacity in December, ANZ said.
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