Gas in Europe Rose to $ 311/Thousand Cubic Meters Against the Backdrop of Cold Weather
Despite the month of May, the spot price for gas in Europe continues to grow, and the growth is due to the cold weather, according to Azerbaijan in Focus, reporting Turan News.
The usual components of growth (shortage of LNG and pipeline gas supplies, cool weather) were supplemented summer scheduled repairs at Norwegian fields. In Norway, until the end of June, the Asgard field was shut down for preventive maintenance (provides production of 21 million cubic meters per day); the Karsto field (20 million cubic meters per day) was stopped for 10 days.
The price of gas delivery on May 7 at the TTF hub in the Netherlands rose to $ 311 per 1,000 cubic meters, which is the highest value since January 13 (then the European price soared to $ 335 following the boom in quotations in Asia). However, the renewal of this peak is not unattainable.
Cold weather leaves gas workers no resources to pump gas into underground storage facilities for next winter. According to Gas Infrastructure Europe, gas withdrawals from storage facilities rose sharply over the gas day on May 5, almost exceeding a modest injection.