Bloomberg: Gas prices rise in Europe due to Arctic anticyclone
MOSCOW, December 2 – RIA Novosti. The worsening weather conditions provoked by Arctic High have intensified fuel competition between Europe and Asia, leading to higher gas prices, the agency reported. Bloomberg.
According to the paper’s author, Josephine Fokul, a December cold weather could significantly increase gas demand, particularly LNG, as Europe seeks to replace Russian fuel. Asian countries also need energy resources that create the conditions for prices to rise.
Temperatures have dropped to -47 degrees Celsius in Mongolia, according to the National Weather Bureau. A combination of cold fronts in Asia and Europe could intensify competition for liquefied natural gas as countries seek to partially replace Russian gas flows with Russian LNG. East Asia rose on Wednesday. “The weather has become unusually cold in parts of China,” he said.
Weather Co meteorologist Olivia Birch also predicted a cold winter for Europe, adding that this would mean less dependence on renewable sources like wind and hydropower.
Earlier, the cost of gas futures to be delivered in January at auction on Thursday exceeded $1,700 per thousand cubic meters for the first time since October 13, according to the London-based ICE exchange.
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