January 29, 2023

Taylor Daily Press

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Gas price seems to be stabilizing somewhat, after invisible jumps: "Two things calm the market"

Gas price seems to be stabilizing somewhat, after invisible jumps: “Two things calm the market”

The astronomically high gas price appeared to cool again on Tuesday. The price fell to about 240 euros per megawatt-hour.

Werner Roomers

For now, no more panic in the wholesale gas market in Europe, where the price of megawatt-hours of gas has risen above 280 euros per megawatt-hour in recent days – massive amounts. Despite the renewed threats from Russia about stopping gas supplies to Europe yesterday, the price of gas closed at around 240 euros per megawatt-hour.

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“There are two things that are cooling the market right now,” says energy specialist Dieter Jung of Eiya Consult. On the other hand, the fact that in recent weeks and months the energy markets have prepared for the effective throttling of Russian gas. Everyone has now found alternatives. What also provides peace of mind is that different European countries at the same time have their gas reserves at a good level.”

(Read more below the graph)

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In short: Russian gas threats are hardly putting pressure on gas prices in Europe. “However, the fact remains that gas prices are still very high, and other incidents can quickly send the gas market into a constriction again,” think a very severe winter with high gas consumption, or, say, serious technical problems. With Dieter Jung said, “an important LNG terminal.” (work)

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