Gas price in EU to drop below $300 per 1,000 cubic meters by end of heating season

MOSCOW:  The price of gas in Europe will normalize and drop below $300 per 1,000 cubic meters by the end of the heating season amid record r...


MOSCOW:  The price of gas in Europe will normalize and drop below $300 per 1,000 cubic meters by the end of the heating season amid record reserves in storage facilities and the commissioning of new LNG capacities in the US in 2024, Finam analyst Sergey Kaufman told TASS.

There are no prerequisites for growth of prices compared with current levels now, the expert noted. In particular, gas reserves in the EU remain record high, while considering persisting saving policies, the lack of supply disruptions and neutral winter weather so far, the EU’s underground storage facilities may be 50-55% full by the end of the heating season. This is also close to record levels and it may create a good basis for the EU to accumulate reserves before the heating season of 2024-2025.

That said, the demand and supply balance on the global gas market remains narrow, though starting the second half of 2024 the commissioning of new LNG capacities is expected to start.

"Projects with total capacity of around 50 bln cubic meters per year may be commissioned next year. The US will account for the majority of new capacities, which will make the passing of the next heating season even easier for the EU. With those factors coupled, we expect a decline in gas prices in the EU below $300 per 1,000 cubic meters by the end of the heating season, which would mean their full normalization," Kaufman said.

The decline in the gas prices together with growth of supply creates prerequisites for moderate recovery of demand from the side of European industry, the analyst added. "However, it may still be at least 10% lower in 2024 than its average during the pre-crisis 2017-2021," he said.


-News Feed

COMMENTS


*

Name

AROUND THE GLOBE,4792,business,74,BY READERS,479,FEATURE,289,GLOBE,16,KERALA,13,Movie,327,s,1,SPECIAL STORY,394,TAMILNADU,4,TOP STORY,5511,TRAVEL,8,
ltr
item
Local Glob: Gas price in EU to drop below $300 per 1,000 cubic meters by end of heating season
Gas price in EU to drop below $300 per 1,000 cubic meters by end of heating season
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtLLoRybHtEMvi89rF3GW6TabbV_nyLAMDl7QzPzJYHNFmEenny3jpZWzG9bv_cFjO9kA1ysxdLAkwldYUwwjuZlbwhZeoi6LRq0ofiwA4g72tsLtHh31LqbGWoAPSjpLVS8sdvnC0wgxi4ezG_hChpFNmJvPy6kZVqYlF3Ogue2sGGTxVd9IftrSztmjd/s320/gas.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtLLoRybHtEMvi89rF3GW6TabbV_nyLAMDl7QzPzJYHNFmEenny3jpZWzG9bv_cFjO9kA1ysxdLAkwldYUwwjuZlbwhZeoi6LRq0ofiwA4g72tsLtHh31LqbGWoAPSjpLVS8sdvnC0wgxi4ezG_hChpFNmJvPy6kZVqYlF3Ogue2sGGTxVd9IftrSztmjd/s72-c/gas.jpg
Local Glob
http://www.localglob.com/2024/01/gas-price-in-eu-to-drop-below-300-per.html
http://www.localglob.com/
http://www.localglob.com/
http://www.localglob.com/2024/01/gas-price-in-eu-to-drop-below-300-per.html
true
8255692317570297677
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy