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More than hot air - Q3 report shows influence of rising global gas prices in EU

Wednesday, 19 January 2022

Kevin Lim

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Author: Kevin Lim

On 17 January 2022, the European Commission (EC) released their quarterly report on European gas markets. The report formally documents the record energy price levels as well as detailing measures taken by member states to alleviate pressure on consumers.

The report noted a rise in spot contract gas price, from 37 EUR/MWh at the start of the quarter to 85 EUR/MWh by the end of September. Resilient gas demand in the face of high prices suggests market tightness for at least the winter months with limited prospects for incremental supply means a quick return to more 'normal' prices in 2022 is not expected. This sentiment was also reflected in the rising Forward contract prices for the quarter.

They found that EU consumption had returned to pre-pandemic levels (2019), driven by economic recovery and ...

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