The European natural gas market will also remain tight in 2023, which may cause price volatility. The Norwegian government-controlled energy group Equinor warns of this. This shortage is due, among other things, to the battle for liquefied natural gas (LNG), with which countries want to conserve their gas supplies.
Anders Opedal, CEO of Equinor, predicts that “gas stocks are completely full and the weather is warm, and this affects the price of gas, but this year these stocks should be filled with less Russian gas than is available.” “It is likely that we will see a market where gas prices fluctuate a little bit.”
Equinor’s warning comes at a time when natural gas prices are relatively low. Because of the warm winter weather, last month it dropped by 50 percent. Also, given the relatively high temperatures, countries have not yet had to rely on well-filled gas reserves. For example, storage sites in Europe are 83 percent full, above the European standard of 80 percent.
Equinor is Norway’s largest energy company. After the collapse of gas supplies from Russia due to the war in Ukraine, the company became one of the largest gas suppliers in Europe. The listed company is 67 percent owned by the Norwegian state.
According to the Norwegian government, gas supplies will change little this year compared to 2022. In that year, Norway exported 122 billion cubic meters of natural gas.
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