RT.com
25 Nov 2022, 20:07 GMT+10
Member states are tapping into energy reserves as demand for heating grows, the media report
Natural gas prices in Europe rose over the week due to strong demand because of cold weather with benchmark futures soaring by 8%, Bloomberg reported on Friday.
Although prices have fallen from summer peaks due to plentiful LNG supplies which helped Europe build up its stockpile, they are likely to start climbing again.
Dutch TTF natural gas futures for next month rose by 1% to 125 per megawatt-hour and Dutch January contracts rose to 128.30, Refinitiv Eikon data showed.
The demand for heating spurred by winter temperatures keeps pushing prices up and has prompted EU countries to start pumping gas from their storages. Reserves in Italy have already dropped to 93.5% from 95.4% as the country faced higher demand in November, the outlet says.
READ MORE: OECD predicts how 'energy shock' will affect Eurozone
On Thursday, the European Commission outlined limits for using gas this winter saying that EU storage facilities should be at least 45% full by February 1.
However, experts warn that the situation remains challenging as a rapid surge could deplete stocks and expose the market to supply disruptions.
Uncertainty around Russian flows via Ukraine is another factor that is expected to support higher prices. On Tuesday, Gazprom warned it may curb supplies through Ukraine's pipeline network to Moldova from November 28th, after accusing Kiev of siphoning gas destined for the eastern European country.
For more stories on economy & finance visit RT's business section
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More Information(Photo credit: Raymond Carlin III-Imagn Images) The Texas Rangers activated outfielder Wyatt Langford from the 10-day IL on Saturday...
(Photo credit: Daniel Kucin Jr.-Imagn Images) The New York Yankees have signed third baseman Jeimer Candelario to a minor league...
(Photo credit: Jasen Vinlove-Imagn Images) Veteran wide receiver Chase Claypool, who hasn't played in the NFL since 2023, is confident...
(Photo credit: Dale Zanine-Imagn Images) Ramon Laureano and Jacob Stallings delivered run-scoring doubles in the 10th inning to help...
(Photo credit: Troy Taormina-Imagn Images) Bobby Jenks, a member of the 2005 Chicago White Sox World Series championship team, died...
(Photo credit: Brad Penner-Imagn Images) Pete Alonso had two home runs and five RBIs to help the New York Mets extend their winning...
(Photo credit: Jasen Vinlove-Imagn Images) Veteran wide receiver Chase Claypool, who hasn't played in the NFL since 2023, is confident...
(Photo credit: Anne-Marie Sorvin-Imagn Images) Since COVID-19 canceled the 2020 CFL season, the Edmonton Elks have tried multiple...
(Photo credit: Kirby Lee-Imagn Images) Sacramento State head coach Brennan Marion reached into Southeastern Conference territory...
(Photo credit: Paul Witwer/Standard-Times / USA TODAY NETWORK via Imagn Images) The Houston Texans announced a $500,000 commitment...
(Photo credit: Ronald W. Erdrich/Reporter-News / USA TODAY NETWORK) Four-star wide receiver Kaydon Finley has committed to Notre...
(Photo credit: Geoff Burke-Imagn Images) Former NFL linebacker Bryan Braman is 'in the fight of his life,' battling a rare and aggressive...