Meanwhile: China Now World’s Top Importer of Gas
There’s no way out.
We’re going all the way down town.
The European energy market is likely to remain tight this year despite the current drop in gas prices, Anders Opedal, the CEO of Equinor, Norway’s largest energy company, told Bloomberg in a piece published on Thursday.
European gas prices have dropped to their lowest level in over a year this week due to unseasonably warm weather, with gas futures at the TTF hub in the Netherlands dipping below $700 per 1,000 cubic meters on Thursday. Forecasts show that the weather is set to remain mild for the rest of the month, which could further dampen gas demand.
However, according to Opedal, the countries of the region may subsequently face difficulties in replenishing underground storage facilities in light of the sharp decline in supplies from Russia.
“The gas stores are pretty full and it’s warm weather, and that affects the gas price, but these stores need to be filled up this year with less Russian gas available… We are likely to see a market where gas prices are swinging quite a lot,” Opedal warned.
The Germans are promoting the hoax that gas is going to stay lower than at the height of the self-inflicted crisis.
Germany’s Economy Minister Robert Habeck expressed optimism that gas prices will go down further over 2023, after already seeing price reductions this winter. pic.twitter.com/G67bstL7H8
— DW News (@dwnews) January 5, 2023