Investing.com — European prices fell slightly at the start of the session, but remain high overall for the month. This is largely due to forecasts of colder weather and concerns over supply following the halt to Russian gas transit through Ukraine.
The Dutch benchmark TTF contract saw a decline of 1.2%, now standing around 49 euros per megawatt hour. Last week, it exceeded the 50 euro mark following the confirmation of the cessation of Russian gas flows by pipeline through Ukraine. This shutdown was due to the expiration of Gazprom’s transit agreement.
ING analysts noted that the European gas market is receiving additional support from forecasts of colder than normal weather for the next two weeks. This could potentially cause storage levels to drop faster than expected.
-They further noted that while current storage levels should be sufficient for Europe to get through this winter without problems, filling stocks during the injection season could prove to be a larger task than last year.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.
Related News :