Investing.com – European natural gas prices have again risen to 50 euros per megawatt hours, the highest level since the first trading day of the year. This price increase is attributed to the ice -cold weather in Texas, which is a risk for the American export of liquid gas (LNG).
According to analysts from ING, the sudden price increase seems to have been caused by a malfunction in the Freeport LNG export terminal in the US. The cold wave in Europe has further increased the worries about the offer.
The analysts noted that Europe should import more LNG this winter due to the disruption of the Russian pipelines by Ukraine, in combination with a peak in demand. They further stated that the gas storage of the European Union has now fallen to 59%. The region is now striving to stay full above the goal of the European Commission of 50% by 1 February.
The Dutch TTF contract is currently 0.8% lower at 49.64 euros per megawatt hours. This situation underlines the delicate balance between supply and demand on the energy markets in the region during the winter months.
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