The price of gas in Europe has risen sharply again since hitting its lowest price level in more than a year earlier this week. This is due to the winter cold which means that people need to warm up more.
Gas market traders are also closely monitoring the situation in Asia, because if gas demand were to suddenly increase sharply, it could put pressure on the import of liquefied natural gas (LNG) into Europe.
10 percent more expensive
On the major gas exchange in Amsterdam, the price per megawatt hour rose about 10 percent to more than 67 euros on Friday. A few days ago the price was still under 55 euros. This means that we are still a long way from last year’s peak. When Russia largely shut off the gas tap last summer, the price of gas soared to almost 350 euros per megawatt hour.
Not finished
Mild weather earlier this winter has allowed gas stocks to remain well stocked, leading some politicians to suggest that Europe’s worst energy crisis may be over. But experts from the US bank JPMorgan Chase point out that an exciting time still awaits us. “While the outlook has certainly improved, we still expect gas price volatility in the coming months.”
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Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
