Prices are rising after falling 30% since the beginning of the year, according to journalists, as traders focus on factors that will affect the replenishment of warehouses ahead of next winter.
Natural gas prices in Europe continue to rise for the fourth consecutive day. This is due to limited supplies from the liquefied natural gas facility in Freeport (USA) and drone attacks on energy infrastructure in Russia. Bloomberg reports this.
Natural gas futures on the TTF trading floor in the Netherlands rose 5.2% to 28.5 euros per megawatt hour (about $320 per thousand cubic meters). This increase in prices follows a 30% decline since the beginning of the year as traders actively analyze factors that may affect stock replenishment ahead of next winter.
The decrease in natural gas supplies to the LNG export facility in Freeport, Texas, was one of the factors contributing to the rise in prices. Some works at the plant were extended until April, resulting in reduced supply volumes and increased market pressure.
Ole Slot Hansen, head of commodity strategy at Saxo Bank A/S, said gas prices were also affected by rising oil contracts following Ukrainian attacks on Russian refineries that raised the “geopolitical temperature.”
According to Hansen, the situation at Freeport and Ukraine’s attacks on Russia’s energy infrastructure likely play a key role in the current movement in gas prices.
Let us recall that SBU UAVs recently successfully attacked a total of 12 Russian oil refineries. The Slavyansk oil refinery became the latest Ukrainian oil facility to be attacked by drones in a week. At the same time, experts in St. He described the situation in the Russian energy market as serious, as evidenced by trading on the St. Petersburg Commodity and Raw Materials Exchange. The price of gasoline in the Russian Federation reached its highest level in the last six months, with a daily increase of almost 2 percent.
Source: Focus
John Holton is a seasoned author and journalist, known for his expertise in economics. He currently works as a writer at 24 news breaker, where he provides readers with in-depth analysis and commentary on the latest economic developments. With a background in finance and a talent for explaining complex economic concepts in a clear and accessible way, John’s writing is a must-read for anyone interested in staying informed about the economy.