The exchange price of gas at the opening of trading on the ICE Futures site again exceeded $500 per 1,000 cubic meters, RBC writes.
The cost of April futures at the TTF hub in the Netherlands increased by 10.09%, reaching 48 euros per 1 MWh, or about $534 per 1,000 cubic meters. m, taking into account the current rate in the Forex market, according to the data of the ICE exchange.
Gas prices showed such dynamics against the backdrop of cooling in Northern Europe and Scandinavia. In particular, on March 7, snow, ice and unusually low temperatures were reported in the UK. On Tuesday, the British grid operator turned on its coal-fired standby power plant for the first time to make up for energy shortages.
Meteorologists at Maxar Technologies predict that temperatures in Manchester will fall 5.6°C below seasonal average and Oslo will fall 9.3°C below average. Snow warnings remain in effect in parts of the UK, Germany and Sweden. Warming is expected in Central Europe next week, but cooling will continue in Britain and the Scandinavian countries.
As a reminder, gas prices in Europe have been declining for two months, as this winter in the region turned out to be mild and consumption of gas and electricity was lower than usual. At the same time, there was an increase in LNG supplies, and reserves in underground gas storages (UGS) remained significant. According to experts, Europe will be able to pass this year painlessly in terms of energy sufficiency.
Source: Rosbalt
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