• 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
  • 9 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 10 hours The United States produced more crude oil than any nation, at any time.
  • 9 hours How Far Have We Really Gotten With Alternative Energy
  • 8 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry
EU Sanctions on Russia Face Legal Challenges

EU Sanctions on Russia Face Legal Challenges

The recent legal challenges to…

The Great Game Returns to Central Asia

The Great Game Returns to Central Asia

Central Asia is emerging as…

Natural Gas Prices Spike As Cold Front Looms

The benchmark natural gas prices in Europe and the United States jumped on Monday as forecasts point to below-normal temperatures across most of America and a cold spell in northwest Europe this week.

Europe’s benchmark natural gas prices at the TTF hub in the Netherlands surged by 11% early on Monday, and returned above the threshold of $103 (100 euros) per megawatt-hour (MWh), after having traded below that level for most of the past few weeks. 

The benchmark gas prices in Europe fell early this month to a four-month low and stayed below 100 euros per MWh as a warm October allowed for more injections into storage instead of withdrawals. The comfortable storage levels, the high rate of LNG imports, and the mild weather in October and early November eased concerns about gas supply and demand balances in the early part of the heating season. In fact, milder weather across most of Europe postponed the start of the heating season.

However, now the cold spells are imminent, according to forecasts, which will put Europe’s ability to survive the winter without gas rationing to the test. 

In addition, a fire at the Åsgard B platform offshore Norway forced a shutdown on Sunday, and the gas-producing and export platform is expected to remain shut until Tuesday.   

Across the Atlantic, the U.S. benchmark prices at the Henry Hub were up by 7.23% at $6.357 per MMBtu as of 9:18 a.m. ET on Monday as the six-to-10 day temperature outlook shows that gas-weighted heating degree days (HDDs) will jump to 179 compared to a normal of 138 HDDs, and much higher than in the previous two weeks.

According to NatGasWeather.com, colder than normal temperatures will cover most of the U.S. over the next seven days to November 20, with rain, snow, and frosty highs of 0s to 40s across the northern U.S., and lows of -10s to 20s. Overall, U.S. natural gas demand is expected to be high to very high in the next seven days.   

By Josh Owens for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Joel cawthon on November 14 2022 said:
    Spike Down you mean???

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