March 28, 2023 8:18 pm

Wim Van Hooydonk Warnings and Updates – Sharp drop in European gas price as countries hurry to fill reserves

Wim's News - Gas

After it was revealed that Germany is filling up its gas reserves faster than expected, natural gas prices in Europe dropped sharply on Monday morning. In preparation for the winter ahead, Germany wants to be well-prepared.

Before the exchange, the price on the leading Amsterdam gas exchange fell by 16% to €286 per megawatt-hour (MWh). Prices rose by 40% last week.

Germany’s warehouses are filling up quickly, according to Economy and Climate Minister Robert Habeck. It is expected that 85% of the gas storage will be filled by October, and the target for September was also met last month.

Gas supply, however, remains a sensitive issue. There is a reduction in the amount of gas flowing from Russia. Further, there are concerns about future deliveries via the Nord Stream gas pipeline between Russia and Germany, which will be shut down for maintenance.

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