Goldman Sachs: Gas prices in Europe will fall by 30% in the coming months
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According to the forecasts of analysts of the leading investment bank Goldman Sachs (GS), cited by the TV channel CNBC, the price of natural gas in Europe could fall by 30% in the coming months. If now the price of gas in the key Dutch hub TTF is €120 per megawatt-hour (MWh), then in the first quarter of 2023 it will drop to €85 per MWh. Back in August, the price peaked at €340 per MWh.
GS analysts see several reasons for a possible fall in gas prices in Europe – a high level occupancy storage facilities, a rather warm autumn and significant volumes of already purchased but not yet unloaded LNG. As of the end of October, about 60 LNG tankers arrived to Europe, but have not yet been unloaded. This gas was purchased in the summer and arrived at the ports of Spain, the Netherlands, Italy and Greece only in October.
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