European natural gas prices went up for a third session after a blast of unusually cold weather across the northern half of the continent testified its resilience to a historic energy crisis.
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Benchmark futures went up by 6.5% after they settled Wednesday at the highest level since mid-October.
The temperatures are set to drop below freezing in the coming days from London to Latvia, with little sign of letting up, forecasts show. It's the first real trial of the season for Europe s strained power and gas network, with wind power slumping and nuclear output in Sweden and France hobbled by outages.
Ole Hansen, head of commodity strategy at Saxo Bank A S, said it was all about the cold blast driving demand for heating and clear blue skies.
According to Gas Infrastructure Europe, the continent's gas storage levels have dropped to about 90% full, from almost 96% in mid-November. The cold snap has resulted in additional outages at facilities in Norway.
Europe is importing record volumes of liquefied natural gas as lower pipeline flows from Russia exacerbated the crisis. The Traders are watching activity in China, which is loosening Covid-related restrictions that have crimped energy demand. Peter Heydecker, executive director of trading at German energy company EnBW said Germany has one of the highest prices for LNG now, and that has helped to attract cargoes. We have a lot of need, but we have to compete globally. We still see enough LNG coming, but that can change quickly and we need to keep an eye on Asia s demand. Dutch front-month futures, the European benchmark, traded 4.5% higher at €156 per megawatt-hour by 10: 04 a.m. in Amsterdam. The equivalent contract in the UK rose 5.4%.
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