European gas prices reach highest level in last three weeks
The gas price on the European market reached 62.14 euros/MWh on Monday, August 17, the highest level in the last three weeks, as the market remains influenced by low storage levels, geopolitical developments, and uncertainties regarding supply.
According to Energocom company, between August 7 and 17 gas prices fluctuated between 55.54 and 62.14 euros/MWh. One of the main factors maintaining pressure on the market is the level of European gas stocks. Storage facilities are filled to about 61%, below the seasonal average of around 78%. The pace of replenishing reserves is considered important for preparing for the cold season.
At the same time, deliveries of liquefied natural gas (LNG) to Northwestern Europe have increased recently, reaching approximately 32% above the average of the last 30 days. The rise in LNG imports helps support supply, but does not remove market pressures. Prices are also influenced by uncertainties regarding transit through the Strait of Hormuz, as well as maintenance work and temporary reductions in gas production in Norway.
The European market also remains sensitive to geopolitical developments in the Middle East and to attacks on energy infrastructure in Ukraine. In addition, high temperatures and drought in Europe are driving higher gas consumption for electricity generation, which exerts additional pressure on demand.
Energocom announces that it monitors daily developments on European markets and their impact on natural gas procurement costs and will provide further updates on price movements.
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