European natural gas prices fell for a third day in a row, as gas levels in Europe’s warehouses exceeded normal levels for the season, according to Bloomberg. In particular, the region’s natural gas storage facilities are 72% full, compared to the previous era’s average of 70.1%.
Europe has rushed to replenish its natural gas stocks ahead of the winter season when demand peaks, due to concerns about the disruption of Russian flows. Europe imported far more liquefied natural gas (LNG) than usual to meet this target.
Russian flows through Nord Stream, the main natural gas pipeline to Europe, have been broadly stable at around 20% of the pipeline’s capacity since late July, when Moscow cut flows from 40%. Russia’s Gazprom said the reduced flows were due to problems with turbine maintenance, including delays due to penalties for returning equipment.
Meanwhile, orders for Norwegian natural gas fell on Tuesday after slipping 3.6% over the previous four days. Several facilities considered vital to the supply of the UK and mainland Europe are expected to start seasonal operations this week.
In this climate, the Dutch contract – the European benchmark – fell by 2.5% to 188.30 euros per megawatt hour.
Source: Capital
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