Europe Gas-Prices hit highest intraday level since December 2022
XLE•Carbon market also advances
In the European carbon market, the benchmark contract CFI2Zc1 was up €1.61 at €87.13 per metric ton.
(Reporting by Marwa Rashad; Editing by Joe Bavier)
Winter supply concerns and storage levels
Global LNG supply could decline by more than 20 billion cubic meters this winter if Hormuz remains closed, while piped gas has limited upside flexibility, said Gergely Molnar, gas analyst at the Paris-based International Energy Agency.
EU storage levels are standing 20%, or almost 17 bcm, below their five-year average and are trending to their lowest fill levels since 2013. This more limited safety buffer could heat up competition for flexible LNG, fuelling winter price volatility, he added.
Last week, the Netherlands lowered its winter gas storage target to 64% to reduce pressure on suppliers and ease prices.
