European gas prices rose 10% to over $300 per 1,000 cubic meters due to reports of a liquefied natural gas (LNG) plant in Norway being shut down. In this respect to witness London ICE data.
Currency prices for natural gas in Europe rose almost 10% after reports that the Norwegian LNG plant was shut down due to a gas leak.
After starting trading on May 31, June futures traded at $282 per thousand cubic meters. However, after learning of the leak at the Norwegian plant, prices rose sharply by 9.2% to $304.8. As of 13.31 Moscow time, gas futures were trading at $303.6, or +8.7%.
May 29, Deputy Director of the “Economic Center of the Fuel and Energy Complex” TsSR Sergey Kolobanov declarationLast year’s record high gas prices were driven by Europeans anticipating a winter fuel shortage. However, Europe is more relaxed this year due to supply confidence.
Prior to that, Bloomberg reported that the price of gas in Europe has fallen for eight weeks in a row, the longest period of price declines since 2007. Gas futures in Europe fell for the eighth week in a row – the longest period of price declines since 2007. According to the institution, the main reason for this is the decrease in demand due to rising inflation and negative forecasts in the global economy.
Source: Gazeta
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