Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The price of gas in Europe fell below $350 for the first time in almost 2 years


May, 18 2023
watermark Economic news

According to ICE exchange data, the price of gas in the EU has fallen below $350 per thousand cubic meters. This happened for the first time in almost two years – since June 7, 2021. The lowest local price point was registered at $348.98 per thousand cubic meters, considering the current Forex market rate.


Analysts highlight that European natural gas prices have fallen due to low demand. Simultaneously, European storage facilities are filled with a significant amount of fuel reserves, easing preparations for the upcoming heating season.


Currently, Europe's gas storage utilization stands at 64.31%, higher than in the same period last year (40.72%). Experts point out that the high level of gas reserves helps maintain low prices: European buyers are unwilling to pay high prices, considering several months remain before the next heating season.


Additional pressure on prices is also exerted by the substantial contribution of renewable energy sources to power generation. To date, wind power generation in Europe has reached its highest proportion of consumption in the last 35 days – 20.7%. The last time this proportion surpassed the current level on April 12th (21.8%).


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.