European countries could face difficulties with energy supplies during the coming winter, as forecasters warn of a sharp drop in temperatures across the continent from the second half of November due to cold air masses moving in from the north.
According to the International Energy Agency, Europe’s gas storage facilities were around 75% full at the beginning of October. However, disruptions to fuel shipments following reported missile attacks on several oil and gas tankers in the Strait of Hormuz have increased reliance on eisting reserves.
Eperts say that if gas consumption is carefully managed, current reserves could be sufficient to meet household demand until March 2027.
Meanwhile, natural gas prices continue to rise. Prices on global markets vary depending on regional echanges and delivery hubs.
At the Henry Hub in the United States, natural gas futures are currently trading at approimately $2.90 per million British thermal units (MMBtu).
Prices are significantly higher in the European market, particularly at the Netherlands’ TTF hub, where they fluctuate regularly. Natural gas is currently trading at around $1,100 per 1,000 cubic metres, or approimately pound 94 per megawatt-hour.