Natural Gas News – April 27, 2023
Natural Gas News – April 27, 2023
Europe’s Thirst For LNG Continues
As summer injection season arrives, Europe is in a safe position with healthy storage levels approaching the top of the five-year average range. Prices are holding steady at the low level of $12.92 per million British thermal units (MMBtu) on the Netherlands-based Title Transfer Facility (TTF) on 25 April, a weekly decrease of 6%. The continent is continuing to inject gas into storage, with inventory levels way above the 2021 and 2022 levels for this time of the year. Storage facilities are currently 57.9% full at roughly 65.92 billion cubic meters (Bcm). The rate of withdrawal is currently around 30 million cubic meters per day (MMcmd), while the rate of injection is 337 MMcmd as of 23 April. At a country level, UK storage is 59% full, France is at 33%, and Germany at 65.4%. Last week (week 16), gross liquefied… For more info go to https://bit.ly/3AzBD3Z
Australia Plans To Extend Natural Gas Price Cap To 2025
Major LNG exporter Australia plans to extend the cap on domestic natural gas prices until July 2025 in a bid to ensure Australian gas supply at “reasonable prices,” the government said on Wednesday. Energy companies operating in Australia are rattled by last year’s cap on domestic gas prices, which has already led to at least one investment project being put on hold. The cap, introduced in December, was initially intended to last until the end of 2023 as a measure to curb spiking gas prices. Now the government plans to extend the cap through the middle of 2025, exempting small producers from the price cap if they supply gas only to the domestic market. Larger producers can also be exempted from the price cap if they make supply commitments to provide enough natural gas for the domestic… For more info go to https://bit.ly/3LBwgaA
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