- Blue fuel prices are ten times higher than in spring 2021.
- The quotations on the Dutch market, showing the gas price in Western Europe, are getting closer to the historical records from the beginning of the war
- Prices are being driven up by the growing demand of European Union countries and the limitation of supplies by Russia
- More such information can be found on the main page of Onet.pl
Natural gas prices on the Dutch TTF exchange rose sharply at the opening on Monday. The price of gas for September delivery rose by 10.4 percent on Monday morning to EUR 270 per megawatt hour (MWh). The price of gas in October contracts has also increased significantly. The price jumped by 10.6 percent to EUR 273.5 per MWh.
For comparison, in the spring of last year, gas prices fluctuated around EUR 25 per MWh, which means that current prices are ten times higher. The scale of the energy crisis is evidenced by the fact that gas prices are now around 12 times higher than the seasonal average over the past five years.
This is another day of rising gas prices on the Dutch market. On Friday evening, contracts for September delivery increased by 6.8 percent, to EUR 257 per MWh. Quotations are approaching their March 7 peak when gas cutoffs hit around € 345 per MWh in the face of threats from Russia). Back then, however, it was only a temporary increase. Now, significantly increased prices may last longer.
Gas prices on the Dutch TTF exchange are soaring.
“Last week saw another dynamic increase in gas prices in Europe. On the Dutch TTF exchange, gas prices are four times higher than in the previous year. Increase in prices, apart from the ever growing concerns about the supply, it also results from the still strong demand and high gas consumption in the European Union. In terms of the entire EU, the reduction in gas consumption is negligible according to the available data. The consumption of gas in Poland has decreased to a much greater extent than in the EU, “PKO BP economists wrote in the morning commentary.
Gazprom reported a few days agothat gas supplies through the Nord Stream 1 pipeline are to be suspended from August 31 to September 2. The reason is again “maintenance work”. Let us recall that the Russian company severely limited the flow of gas in June this year, during the annual maintenance of the pipeline in July it was suspended. Later he came back, but only at 20 percent. bandwidth.
European countries are not only trying to increase gas supplies from countries other than Russia (they do so, for example, by purchasing liquefied LNG from the USA and Middle East countries, or Norwegian gas from the North Sea), but also have to reduce consumption themselves. Germany – whose industry and energy are heavily reliant on gas – they must reduce the consumption of this fuel by a fifthto avoid a paralyzing shortage this winter. Enterprises and households in the largest European economy are preparing for the worst energy crisis in Europe for a generation, writes the Financial Times.
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