The spot price of gas in Europe rose to a 7-weeks-high amid the start of the season of gas injection into underground storage facilities, Report informs referring to Interfax.
The price of the contract with delivery on April 1 at the Dutch TTF hub increased to $233 per 1,000 cubic meters. The average day-ahead prices were $218 in March, $219 in February, and $257 per 1,000 cubic meters in January.
At the end of last week, Europe completed a record season of gas extraction from underground storage facilities – almost 69 million cubic meters were extracted from underground storage facilities, which is 24 billion cubic meters more than a year earlier.
The injection season has begun: to compensate for the record extraction rate, it is necessary to pump almost the same volume of gas into storage facilities, which will provide solid support to imports in all directions: both through pipes and in liquefied form.