European natural gas prices have fallen to €47.6 per megawatt-hour. Earlier this week, they had reached a 13-month high of €49. The drop is due to forecasts predicting warmer and windier weather, which is expected to reduce gas demand.
From December 5 to 9, wind speeds in northwestern Europe are projected to rise above normal levels, potentially decreasing the need for gas-fired power plants.
- Gas prices decreased from €49 to €47.6 per megawatt-hour.
- Warmer weather forecasts are lowering gas demand.
- Increased wind speeds may reduce reliance on gas power.
Stable Gas Supplies from Norway and Russia Continue
Despite the price decline, gas supplies remain steady, with consistent deliveries from Norway and Russia. However, the European Union’s gas storage levels have dropped to 84.7% full, down from 94.2% at the same time last year.
To prepare for 2025, the EU is raising its storage targets for February.
Supply Risks Amid Russia-Ukraine Deal Uncertainty
Concerns over potential supply risks continue. A significant issue is the upcoming expiration of the gas transit deal between Russia and Ukraine. The uncertainty surrounding this agreement could threaten the stability of gas supplies in Europe.