Gas prices in Europe are rising amid cold weather and weak wind generation
Gas futures for January delivery in Europe on Wednesday are trading at more than $ 1,500 per thousand cubic meters, according to ICE exchange data. January futures on the TTF index (Europe's largest hub located in the Netherlands) opened trading at $ 1,489 (-1%). As of noon, the price of gas in Europe is $1514.5 (+0.7%).
The price of the nearest ICE futures on December 1 exceeded the $1,700 mark for the first time since October 13 (the maximum was almost $ 1,780). Prices in Europe rose against the background of cold weather and low wind generation.
The media also note that following European prices, the cost of gas in Asia has also increased. February futures on the JKM Platts index reached $1,302.
The Federal Grid Agency of Germany has changed the assessment of the weather situation in the country from "tense" to "critical". The agency calls a "stable" situation when the air temperature for the next seven days is predicted to be higher than the average for the last four years (2018-2021), "tense" if 0-2 degrees below the average for the same period, and "critical" if more than two degrees below normal.
The forecast for this week is 2.38 degrees below the average for the last four years, so a significant increase in consumption should be expected, the German Federal Grid Agency warns.
Nury AMANOV
