September 26, 2022

Taylor Daily Press

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Gas prices continue downtrend as European gas stocks fill up faster |  News

Gas prices continue downtrend as European gas stocks fill up faster | News

At the closing bell on Friday, the price of natural gas for September delivery was still more than €339 per megawatt-hour. On Tuesday afternoon, that dropped to €252.5. Keep in mind that this is still higher than the price on August 19th – less than two weeks ago.

The reason is due to European gas stocks, which are filling up faster than originally thought. On Sunday, European gas stocks were about 80 percent full, according to the European platform Agregated Gas Storage Inventory (AGSI) – a target Europe set for itself on November 1. In Germany, which is highly dependent on Russian gas, this percentage is 83.26%. For our country it is 88.41 percent.

However, this does not seem to solve all problems. On Wednesday, the important gas pipeline Nord Stream 1 will be closed for three days for maintenance. The fear is that less gas will flow into Europe after that. Although the Kremlin claimed on Tuesday that the drop in shipments was only due to technical problems caused by the sanctions. “Russia is and will remain ready to fulfill its obligations,” Kremlin spokesman Dmitry Peskov said.

Moreover, even a gas supply filled to the brim is not enough to survive a harsh winter without additional supplies.

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