Europe's gas storage levels are depleting at an alarming rate due to a colder-than-normal winter and low wind speeds, raising concerns about potential shortages and higher prices.
Europe 's gas inventories have depleted at the fastest rate for eight years, as the region has experienced repeated bouts of colder-than-normal temperatures and low wind speeds since the start of the winter heating season . Combined inventories in underground storage across the Europe an Union and the United Kingdom dropped by 83 terawatt-hours TWh between the official start of winter on October 1 and November 26.
Stocks are still comfortable but can no longer be described as plentiful and prices have risen to discourage consumption and attract more liquefied natural gas LNG cargoes to the region. Front-month futures prices on the Dutch Title Transfer Facility have averaged 44 per megawatt-hour so far in November up from 36 in September and just 26 in February.
Gas Storage Energy Crisis Natural Gas Winter Heating Season Supply Shortage Gas Prices LNG Energy Security Geopolitics
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Larne Lough: Daera seeks to challenge gas cavern storage rulingIt is understood a Stormont department will apply to the UK Supreme Court for leave to appeal.
Read more »
Equinor Expects Tight Winter Natural Gas Market in EuropeEquinor warns of a tight natural gas market in Europe due to geopolitical tensions, winter demand, and the potential end of Russian gas transit via Ukraine.
Read more »
U.S. LNG Exports to Europe Set to Surge as European Gas Prices SoarHigh natural gas prices in Europe are attracting U.S. LNG exports, offering relief to the continent facing a potential gas shortage this winter.
Read more »
Europe's Natural Gas Reserves Depleting at Unprecedented RateEurope is experiencing the fastest decline in natural gas reserves in six years due to winter conditions. Storage levels have dropped by 83 terawatt-hours since October 1, more than four times the average of the past decade. Concerns are rising as the EU continues to rely heavily on natural gas despite efforts to transition away from hydrocarbons.
Read more »
Gas Reliance Persists as Europe Faces Winter Energy CrunchRising LNG imports reflect Europe's need to compensate for potential shortages and increase reliance on gas.
Read more »
Europe's Natural Gas Prices Jump to 2024 HighEuropean natural gas prices surged due to a combination of OMV's legal victory against Gazprom and colder weather increasing demand.
Read more »