European gas price continues to rise

The gas price has again made a big jump. The listing on the TTF broke through the €220 per MWh this week. The increase continues today. At the time of writing, the TTF stands at €229,60 per MWh.

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It is difficult to pinpoint the cause for the price rally of the last few days. Essentially, not much has changed in the gas market. The supply of gas from Russia is and continues to be difficult. For weeks now, the Nord Stream has only been used for 20% of the available capacity. Russia blames this on technical problems. According to EU countries, the fork is different and Russia is using the gas supplies as political pressure. In the meantime, the supply of LNG continues unabated. Prices are at a high level, but Europe is still copper.

degree of filling
Gas stockpiling in Germany is ahead of schedule. Last Friday, the surcharges were just over 75% full. That's a few weeks ahead of schedule. In the schedule of the German government, the surcharges should be at least 1% full on September 75, 1% on October 85 and 1% on 95 November. In addition, Germany on Tuesday sealed an agreement for two floating LNG terminals that will be fully operational from this winter. These temporary terminals are a temporary solution until the new terminals Brunsbüttel and Wilhelmshaven can be put into operation. That is expected to be in March 2024. With the floating installations, Germany is reducing its dependence on Russian gas.

Norway exported 128,4 billion Norwegian krone (about €13 billion) worth of gas in July. That is a record and is mainly due to the high gas price. Compared to July last year, the yield was four times higher, while exports in cubic meters increased by 5,7%. This was reported by the Norwegian Statistical Office on Monday 15 July. Partly due to the maintenance of the Nord Stream, the gas price rose to exceptional heights, according to the service. Norway is currently one of the most important gas suppliers to Western Europe.