European gas prices are rising again, after falling in recent weeks. New concerns about market shortages have pushed prices back above €90 per megawatt-hour.
The price of a megawatt-hour (MWh) of gas on the Dutch futures market – a guide to the price of gas in Europe – is up nearly 20 per cent to €95 today. Yesterday, 14 percent was already added.
Tension in the gas market is rising again as uncertainty reigns again over the supply of Russian gas, which accounts for a third of total consumption in Europe. Less gas flows through Ukraine, while gas flows east from Germany to Poland via another pipeline.
Peak around 180€
In December, the price of gas peaked at more than 180 euros / megawatt-hour, fearing a shortage in the gas market. But more liquefied natural gas (LNG) being shipped to Europe by ship and mild temperatures for this time of year have boosted gas market confidence in recent weeks.
In the meantime, there is again more demand for LNG from Asia, which means tankers may not sail to Europe after all. It is also getting colder again, so the demand for natural gas is increasing.
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