Europe Now Facing A Natural Gas Glut As Prices Fall To Summer Levels

CNN: Europe now has so much natural gas that prices just dipped below zero

London CNN Business — Europe has more natural gas than it knows what to do with. So much, in fact, that spot prices briefly went negative earlier this week.

For months, officials have warned of an energy crisis this winter as Russia — once the region’s biggest supplier of natural gas — slashed supplies in retaliation for sanctions Europe imposed over its invasion of Ukraine.

Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas (LNG) are lining up at ports, unable to unload their cargoes, and prices are tumbling.

The price of benchmark European natural gas futures has dropped 20% since last Thursday, and by more than 70% since hitting a record high in late August. On Monday, Dutch gas spot prices for delivery within an hour — which reflect real time European market conditions — dipped below €0, according to data from the Intercontinental Exchange.

Read more ....

Update #1: Natural-Gas Prices Have Plunged. Why It Might Not Last. (Barrons)

Update #2: Energy crisis: Europe's gas prices fall below €100 MWh for the first time since mid-June (Euronews)

WNU Editor: No one expects this to last. Prices are still double from last year, and a cold winter is going to boost these prices to record highs. I say enjoy the break in prices, and hope that this is going to be a warm winter.

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