Gas prices in Europe fell below $350 for the first time since June 2021
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Exchange gas prices in Europe for the first time since June 7, 2021 fell below $350 per 1,000 cubic meters. m, follows from the data of the London Stock Exchange ICE.
The cost of June futures at the TTF hub in the Netherlands fell to $348.78 per 1,000 cubic meters. m. Further, the cost began to grow and by 11.13 Moscow time it was already $ 356.84 per 1000 cubic meters. m.
In early April, the heating season ended in Europe. Despite the drop in Russian gas imports, fuel reserves in underground gas storage facilities reached a record high of 60.4 billion cubic meters. m. (55.6% occupancy, data from April 1). This is more than 2 times higher than in 2022 on the same date. As of May 16, European UGS facilities contain 70.2 billion cubic meters. m of gas, they are filled to 64.31%.
Warm weather helped Europe to pass the heating season, noted at Gazprom. They doubted that such a favorable situation could develop next year, and warned that it would be difficult for Europe to fill UGS facilities before the new heating season because of the politically motivated refusal of Russian gas.
10 May European Commission announced the first international tender for the joint purchase of liquefied natural gas (LNG) through the new EU mechanism – AggregateEU. Deputy Chairman of the European Commission Maros Shefchovich noted that such a step would allow “phasing out of Russian gas.” Tender applications have already been submitted by 77 companies from Europe for a total volume of about 11.6 billion cubic meters. m of gas. According to him, now the need for LNG in the EU is 2.8 billion cubic meters. m, and delivery through the gas pipeline requires about 9.6 billion cubic meters. m.
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