Economy

Gas in Europe rises in price amid forecasts of cold weather during the holidays

Wholesale gas prices in the UK and the Netherlands are slightly rising on Wednesday, December 24, amid low trading activity ahead of the Christmas holidays, as demand is expected to increase due to the forecasted cold snap.

This is reported by "Komersant Ukrainian" with reference to Reuters.

The front-end gas futures in the Dutch hub TTF rose by 1.33% to 28.15 euros per megawatt-hour by 12:36 Kyiv time.

The February contract

The price of gas for tomorrow’s settlement in the UK rose by 5.04% to 74.0 pence per therm.

“The forecast for the Christmas holidays this year is definitely skewed upwards,” said LSEG analyst Riccardo Parviero. – “Both Germany and France are expected to see high consumption during this period, well above last year’s figures due to the sharp drop in temperature forecast for Christmas Day and the following day.

Nevertheless, stable supplies – from Norway – and the arrival of liquefied natural gas cargoes should cover any spikes in demand.

EU gas storage facilities are 66.49% full, according to Gas Infrastructure Europe.

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