RT.com
26 Nov 2022, 00:37 GMT+10
Member states are tapping into energy reserves as demand for heating grows, the media report
Natural gas prices in Europe rose over the week due to strong demand because of cold weather with benchmark futures soaring by 8%, Bloomberg reported on Friday.
Although prices have fallen from summer peaks due to plentiful LNG supplies which helped Europe build up its stockpile, they are likely to start climbing again.
Dutch TTF natural gas futures for next month rose by 1% to 125 per megawatt-hour and Dutch January contracts rose to 128.30, Refinitiv Eikon data showed.
The demand for heating spurred by winter temperatures keeps pushing prices up and has prompted EU countries to start pumping gas from their storages. Reserves in Italy have already dropped to 93.5% from 95.4% as the country faced higher demand in November, the outlet says.
READ MORE: OECD predicts how 'energy shock' will affect Eurozone
On Thursday, the European Commission outlined limits for using gas this winter saying that EU storage facilities should be at least 45% full by February 1.
However, experts warn that the situation remains challenging as a rapid surge could deplete stocks and expose the market to supply disruptions.
Uncertainty around Russian flows via Ukraine is another factor that is expected to support higher prices. On Tuesday, Gazprom warned it may curb supplies through Ukraine's pipeline network to Moldova from November 28th, after accusing Kiev of siphoning gas destined for the eastern European country.
For more stories on economy & finance visit RT's business section
Get a daily dose of Caribbean Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Caribbean Herald.
More InformationNEW YORK, New York - After a day of major gains, U.S. stock markets fell sharply Wednesday underscoring volatility as ...
CAPE CANAVERAL, Florida: In a tweet this weekend, Elon Musk said that SpaceX may attempt a Starship rocket system launch ...
LONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...
TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...
NEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
The White House released this transcript of President Biden's 2023 State of the Union Address, as prepared for delivery.Mr. Speaker. ...
It's champion vs. champion in the main event of UFC 284. Saturday night's event is headlined by the two undisputed ...
Beijing [China], February 8 (ANI): China has massively invested in over 150 countries majority of them being underdeveloped nations which ...
Washington [US], February 8 (ANI): Russia's Foreign Minister Sergey Lavrov's remark that the war is "started by the West," is ...
AWPer Florian "syrsoN" Rische has opted to take himself out of BIG's starting lineup, Dexerto reported Wednesday. The 26-year-old German's ...
Field Level Media's Golf Glance provides weekly news and storylines from each of the major North American golf tours. PGA ...