• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Latin American Geothermal Investments Set to Surge

Latin American Geothermal Investments Set to Surge

Latin America holds vast untapped…

European Natural Gas Prices Slump As Lower Demand Offsets Supply Risks

Europe’s benchmark natural gas prices dipped on Monday morning in Amsterdam by 4.8% amid weak industrial demand and bigger-than-average stockpiles for this time of year, despite a prolonged cold snap in northwestern Europe and signs that Qatar may have paused at least five LNG tankers in and around the Red Sea.    

The front-month February Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, had slid by 4.82% at $33.35 (30.45 euros) per megawatt-hour (MWh) as of 9:47 a.m. in Amsterdam on Monday.

The prices have largely ignored the deep freeze of the past week in most of Europe as traders believe the market is well supplied to finish this winter season – which we are now halfway through – with sufficient natural gas in storage sites.

Gas withdrawals across Europe have accelerated in the past 10 days, but storage in the EU is still nearly 80% full, according to data from Gas Infrastructure Europe.

As of January 13, EU gas storage sites were 79.7% full, the data showed. Last week’s below-average freezing temperatures saw the biggest withdrawals in a week so far this winter season.

“However, storage remains above the 5-year average of 68% full for this time of year,” ING strategists Warren Patterson and Ewa Manthey wrote in a note on Monday.

“For now, we are still assuming that European storage will finish this heating season at around 52% full, which suggests limited upside for European gas prices,” the analysts added.

High level of inventories, weak demand from industry, and increased confidence that Europe could go through the winter without major supply disruptions have all led to traders becoming more bearish on Europe’s natural gas prices. That’s despite the cold weather and ship-tracking data reported by Bloomberg on Monday that Qatar looks to have paused LNG cargo shipments via the Bab el-Mandeb Strait to the Red Sea/Suez Canal route.  


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on January 15 2024 said:
    Ten times the price per mcf sounds hard to be truly bearish on price given that be the price. Everything over there is set up for coal and nuclear power as is with *SOME* wind and *SOME* solar helping out. Natural gas remains an entirely new source of fuel excepting that which used to come from Russia.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News