Natural Gas in EU Down 5%.
London, Wednesday, 16 March 2022
On Wednesday afternoon, EU natural gas front-month futures fell to €109 per megawatt-hour, nearing 2-week lows and remaining more than 65 percent below a record high of €345 set last week.
Traders absorbed the latest developments in the Russia-Ukraine ceasefire talks, with Ukraine's President Zelensky claiming that the Kremlin's demands are becoming more realistic, and Russian authorities confirming that the idea of Swedish or Austrian-style neutrality is being discussed.
According to Reuters, Gazprom said it is continuing to export gas to Europe via Ukraine, with daily volumes set at 95 million cubic metres, which is in accordance with customer requests but down 13% from 109.6 million cubic metres on Tuesday.
Meanwhile, Norway's Equinor has postponed maintenance work in order to enhance supplies to the EU and the UK, who rely on Norway for 25% of their natural gas.
(Written and edited by: The Decision Maker)