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Mild winter weather helped sustain European gas storage stocks, pushing prices down.
Ole HansenHead of Commodity Strategy Saxo Banktweeted the details.
TTF #gas Mild winter weather pushes the year-on-year storage surplus to 325 TWh, some 25 TWh above the amount recovered in Q1-2021, trading near a six-month low of €80/MWh. increase. pic.twitter.com/iLngzrqAe2
— Ole S. Hansen (@Ole_S_Hansen) December 27, 2022
Introduction: European Natural Gas Prices Fall to Pre-Ukrainian War Levels
Good morning. Welcome to our rolling coverage of business, financial markets and the global economy.
Gas prices in Europe have returned to levels seen before the start of the Ukraine war in February as concerns over a gas crisis this winter have abated.
Last month’s European gas futures contract fell to €76.78 per MWh yesterday. This is the lowest level in 10 months, according to Refinitiv data.
As this chart shows, gas prices fell again after a March spike, hitting a 10-month low again as European countries rushed to fill up their gas storage tanks and fell again in the summer. .
After the European Union (EU) successfully peaked at almost 96% of its reserves in November, this winter’s warmer than normal and limited demand for gas have pushed prices down. I’m here.
Consumption reduction targets are also helping to limit demand, with the EU aiming to reduce gas consumption by 15%.
Earlier this week, 83.2% of EU gas storage was filled, according to industry association data. gas infrastructure europe We are still above the 80% target set in early November.
European natural gas prices fell to their last recorded levels before the war began in Ukraine in February. pic.twitter.com/ZZpeJTJX7t
— Business – Finance – Markets @equityin ⚡ (@equityin) December 29, 2022
Traders are confident that stocks will finish the winter at very comfortable levels with a very low risk of falling to very low levels. John KempEnergy Market Analyst Reuters.
UK gas prices have also fallen from their highs earlier this year. Yesterday’s gas prices closed at 155p/therm yesterday compared to 200p/therm in early 2022 and 500p/therm in August.
Appearing today
The new chairman of the trade union conference has warned the British government that more strikes are coming next year unless it joins negotiations on wage increases.
Incoming TUC Secretary General Pole Nowak “The nightmare of Britain’s living standards must end” fueled by rising energy costs, it said, accusing ministers of “hindering efforts to reach settlements”.
Talking to the Guardian Nowak It also warned that if Labor wins the next election, it will not be able to “turn the tap on from day one” on public spending.
He said:
“No one knows what kind of economic turmoil workers will inherit. We can’t turn on the faucet from day one. We can’t fix our public services.
“What we cannot fix is 12 or 13 years of inaction from day one, but we can set very clear direction. No one believes that civil servants can be fixed on the first day of a Labor government…but you can certainly start doing things that give you confidence.”
Nowak also said Prime Minister Rishi Sunak had overestimated public support for his ‘1980s playbook’ approach to widespread strikes to avoid escalating from ongoing labor disputes in the coming months. states that you need to find an “exit strategy.”
The industrial action continues today, with border guard workers who are members of the PCS union going on strike at six airports.
PCS staff at the Driver and Vehicle Standards Agency in the West Midlands, Eastern Region and East Midlands are also on strike today.
Railroads are also in turmoil, with TSSA members of the Great Western Railway and West Midlands Trains ending their one-day strike at noon today.
agenda
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08:00 GMT: Spain retail sales data for November
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1.30pm GMT: US Weekly Unemployment Data
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4:00 PM GMT: EIA Weekly Crude Oil Inventories Data
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