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European gas storage is emptying at a record rate. What will happen to the price of gas?

Европейские газовые хранилища опустошаются рекордными темпами. Что произойдет с ценой на газ?

There is now one-fifth less gas in European storage facilities than there was at the same time last year, why the exchange price for natural gas is at the highest level in the last 13 months. As a rule of thumb, with the arrival of the warm days, gas gets cheaper, but will consumers expect the prices to decrease this spring? The Finnish leased floating floating

LNG terminal Exemplar will arrive at the port Incoo at the end of December 2022 year. The Finnish leased floating Floating LNG terminal Exemplar

will arrive in the port Incoo in the end of December 2022 year. Photo: KIMMO BRANDT

In European storage facilities now there is one fifth of less gas than at the same time last year, which is why the price of natural gas is at its highest level in the last 13 months. As a rule of thumb, gas becomes cheaper with the arrival of warmer days, but will consumers expect lower prices this spring?

In the European gas market there is light panic, and participants market are willing to pay for supplies of liquefied natural gas (LNG) one and a half times more than in January of last year. The price increased almost to 50 euros per megawatt-hour.

Since Europe

pays good money for gas, in the last weeks a number of gas carriers changed the rate right in the middle of the Atlantic ocean, directing their cargoes from first planned Asian destinations to European ports.

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