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Commodity market: Gas prices fell to their lowest level in two months

Commodity market: Gas prices fell to their lowest level in two months

This is the lowest level recorded since July 25. However, compared to the annual average for this period, prices are still seven times higher.

“Across Europe, governments are preparing massive energy interventions to bring down prices for homes and businesses.

In Germany, the government decided to take over the activities of the Russian oil company Rosneft (…) and is also considering the purchase of three large gas companies.

In the UK, the government is promising £40 billion to halve energy costs for businesses. France is also trying to keep energy prices for consumers in check, Belga reports.

However, with low temperatures approaching, energy suppliers expect increased gas demand in the coming weeks.

Traders are closely monitoring gas levels at underground storage facilities in Europe. In early September, the European Union exceeded the 80% target. Gas storage capacity, which has since grown to about 86%.

However, experts warn that the stored gas will not be enough for the winter. They emphasize the need to reduce demand. European Union member states have committed to reduce their demand for natural gas by 15%. From August to the end of March 2023.

According to experts, one of the indirect consequences of Russian aggression against Ukraine is the specter of an energy crisis in Europe. Restrictions on the supply of Russian gas to Europe, an increase in prices for this raw material and a simultaneous increase in electricity prices, mean that European countries are impatiently waiting for the upcoming winter. In some countries there is talk of energy rationing. Austerity measures have been introduced.

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