Europe’s natural gas tanks are 50 to 60 percent full on average. At the same time, the usual occupancy is around 80 percent during this time. This is due to the extremely long and freezing winter, but also the hot summer in the northern hemisphere.
The price of natural gas has risen by 80 percent in the last three months and reached the highest level in history, Reuters reported, referring to market data. At the same time, traders are already betting that demand for this commodity will exceed last year’s level this winter and that natural gas prices could climb even higher.
“Stocks are relatively low. The hot summer did not allow them to become more crowded after a long and freezing winter. If this year’s one is similar, we will have another price increase, “one of the traders told Reuters.
The current price of natural gas futures in December is around $ 17.65 per million British thermal units (mmBTU), last year it was only around $ 11.50. January futures are already trading at 17.80 per mmBTU. The growing demand is probably not enough to satisfy even the expected additional supply of natural gas to the global market in the amount of around 30 million tons, experts warn.