European gas prices reach year's greatest volume
Date
11/21/2024 8:00:13 AM
(MENAFN) Natural gas prices in Europe increased to €44.32 (USD47.06) on Tuesday, reaching this year’s greatest volume because of a decrease in gas storage and dropping temperatures.
The gas price per megawatt-hour for December futures contract on the TTF, the Netherlands-based virtual Natural gas trading venue with the most depth in Europe, ended on Monday at €43.73 (USD46).
Natural gas prices increased to €44.32 (USD47.06) per megawatt-hour at the beginning session of November 12.
Present prices are at their greatest level in 2024 so far, as worries about declined gas storage at 93.4 percent, based on formal figures.
The surge in prices was driven by increasing natural gas demand because of dropping temperatures in winter and insufficient power production from renewable energy sources.
Moreover, the market is concerned about supply-side challenges, as it stays uncertain whether Russian gas will arrive to Europe and what Donald Trump’s possible return to the White House might mean for the Russia-Ukraine Conflict.
'Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter. For now, reactionary weather preparedness measures are driving market movement through year's end, leaving 2025 still up in the air,' stated Kaushal Ramesh, a high-ranking analyst at energy consultancy Rystad.
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