Europe’s gas prices show shift in risk to winter next year
WORLD 08 June 2023 - 20:48
Higher gas prices would hamper Europe’s efforts to fight inflation. Soaring costs last year crimped industrial activity and reduced demand for the fuel, which may never return. Traders are also keeping a close eye on the pace of economic recovery in China, which vies with the region for deliveries of LNG.
Europe can still come close to meeting storage targets, relying on increased flows from North Africa and competing for limited LNG with Asia, according to Kateryna Filippenko, director of global gas research at Wood Mackenzie Ltd. “But any further supply disruption or abnormally cold weather can risk European storage refill,” she said.
The market is expected to remain tight and vulnerable to price spikes until 2026 when massive new export plants in Qatar and the US are due to start shipping fuel.
“After this and the next two winters, things should get better, depending a little bit if there’s a delay or not on global liquefaction capacity,” Helge Haugane, senior vice president for gas and power marketing at Norway’s Equinor ASA, said in early May.
Dutch front-month gas, Europe’s benchmark, traded down 2.4% at €25.70 a megawatt-hour at 9:25 a.m. in Amsterdam. The equivalent UK contract fell 3%.
Caliber.Az
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