With the Dutch TTF contract, a benchmark in the sector,
trading at 50.30 euros per megawatt-hour, natural gas prices in Europe have
risen by more than 3%.
The disruption at the U.S. Freeport LNG facility and the news that Germany
would offer incentives for storage refills over the summer are the main causes
of the price increase. Germany is taking this action to make sure the nation
reaches its storage goals.
LNG consumption has surged as a result of the European Union's gas storage
levels falling below 60%. In Europe, summertime petrol costs are greater than
those anticipated for the approaching winter.
The replenishment of storage facilities is threatened by
this pricing dynamic, which also increases the possibility of shortages
throughout the continent.
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