European natural gas futures jumped over 22% to more than €40 per megawatt-hour, the highest in eight weeks driven by concerns about dwindling LNG flows, which outweighed the fact that gas storage is at record levels, SIA reports with reference to Bloomberg.
Dutch TTF Gas is a leading European benchmark price as the volumes traded represent more than 14 times the amount of gas used by the Netherlands for domestic purposes. Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the Title Transfer Facility (TTF) Virtual Trading Point, operated by Gasunie Transport Services (GTS), the transmission system operator in the Netherlands.
Dutch front-month futures, traded 3.1% higher at €31.45 a megawatt-hour by 4:25 p.m. in Amsterdam. The UK equivalent added 2.6%. Both contracts jumped the previous day.
Competing drivers such as tepid demand and busy maintenance schedules among producers have kept uncertainty in the market, which is still recovering from last year’s energy crisis. Adding to some signs of bullishness, gas flows into a key export terminal in the US fell on Tuesday, indicating a possible outage.
Still, the European Union’s fuel inventories are more than 87% full — the highest level on record for this time of year, and just shy of the block’s mandatory target to have 90% by November, which is helping to keep a lid on prices. Some member states have already exceeded that level, including Spain and the Netherlands, while Germany and Italy are closing in.
Asian buyers are likely to increase bids for LNG imports to compensate for potential Australian volume losses caused by the strikes at energy facilities including Chevron and Woodside. In addition, US exports of LNG are currently more profitable to Asia in September, October and November and there might be less LNG available this month.
Bütün xəbərlər Facebook səhifəmizdə
.jpg)
USD
EUR
GBP
RUB
