Warm weather in Europe continues to pressure the gas quotations

On the European exchange ICE owning the Dutch hub TTF the gas prices fell by more than 2% below the point of $860 per cubic meter. It happened during the trade on December 28. From the beginning of the week, the prices decreased by more than 6%.

The main reason for the fall in gas prices was the change in weather conditions, which caused a reduction in consumption. On December 26, the gas offtake from USG was 107.5 million cubic meters. This is a minimum figure for the whole period of observation from 2011. That's why the replenishment of USG by 220 million cubic meters is seriously ahead of selection. By December 28, the amount of gas in storage facilities exceeded 90 billion cubic meters. This is 11.9% higher than the average for this date over the past five years. The European USGS are 83.21% full. The level of consumption from August to November decreased by 20%. This contributed to the injection of resources into USGS at a faster pace.

Forecasters in Germany predict that this week the air temperature will rise by 6.82%. This is higher than the average for the last five years. We see that in this way this factor of pressure on the cost of gas is preserved. The injection of resources into USGS will be higher than the withdrawal.