• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 1 day China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
The New Trucking Trend Transforming Chinese Oil Demand

The New Trucking Trend Transforming Chinese Oil Demand

China's booming sales of LNG-fueled…

Natural Gas Prices In Europe Drop As Storage Units Remain Untouched

Europe could end winter with better-than-expected natural gas storage levels because of unseasonably warm weather across the energy-stricken continent in October and November. Traditionally the heating season should be well underway, but above-trend temperatures have allowed NatGas storage facilities to be near full without any significant draws. 

At one point this morning, front-month Dutch TTF futures slid as much as 10.2%, compounded with an 8.2% decline on Wednesday, following a new report from Maxar that forecasted above-normal temperatures in Scandinavia and southwest Europe next week. 

Northwest Europe is expected to see above-average temperatures through the end of the month.

As well as South East Europe. 

Germany, the EU's largest economy and most addicted to NatGas, will also see above-average temperatures through the end of the month. 

France has the second-largest economy in the EU and will experience similar warmer weather patterns. 

"Traders are keeping a close eye on weather trends as Europe's gas storage is almost full, which should serve as a buffer for the winter," Bloomberg said. 

Seasonally, EU NatGas storage is well above a 12-year trend. 

ADVERTISEMENT

But as we all know, it'll take one cold snap to boost heating demand which would mean inventories would start drawing down. 

Countries across Europe have been preparing for possible blackouts and energy rationing this winter. The energy crisis has yet to be resolved because no new supplies have been able to offset what was lost from Russia. EU countries have only been able to reduce energy consumption among households and businesses. 

Russian energy Gazprom PJSC warned last month that "whole towns and lands, god forbid, will freeze" if Europe is hit with one week or more of abnormally cold temperatures.

By Zerohedge.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News