January 29, 2023

Taylor Daily Press

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European gas prices continue to rise |  Abroad

European gas prices continue to rise | Abroad

After initial stability, the price of European gas continues to rise today. On the leading gas exchange in Amsterdam, fossil fuels were traded around 12.30pm for €283.50 per megawatt-hour. This is 5.37 percent higher than the previous day’s closing price.

Initially, the price of gas went down a bit this morning, after the price went down a bit yesterday. On Monday, the price of gas rose by about 12 percent. The increase was prompted by Gazprom’s announcement that the Nord Stream pipeline between Russia and Germany will be closed for three days at the end of this month. According to the Russian state gas company, this is necessary for maintenance.

However, traders fear that Moscow is using the new Nord Stream shutdown to further reduce gas supplies to Germany in response to Western sanctions over Russia’s invasion of Ukraine. In recent months, Gazprom has already reduced the flow of gas through this important pipeline under the Baltic Sea to a fifth of its maximum capacity.

German reserves

German Economy Minister Robert Habeck has already warned that Germany should take less gas from Russia into account. However, according to the minister, the largest economy in Europe can withstand the winter without taking drastic measures, but gas must be saved. German gas storage facilities for the winter are now more than 80 percent full.

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