REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsLONDON, Nov 7 (Reuters) - Europe's record gas inventories continue to climb even higher as a warm start to autumn delays the onset of heating demand while high prices discourage industrial use and encourage continued imports.
But prices for gas delivered at the height of winter in January 2024 have started to slide as the record levels of inventory weigh on the market.
Chartbook: Europe gas inventories and pricesInventories across the European Union and United Kingdom hit a record 1,146 terawatt-hours (TWh) on Nov. 5, according to Gas Infrastructure Europe.
At the same time, futures prices and calendar spreads have remained strong, despite record stocks, discouraging resumption of industrial use and encouraging continued imports of liquefied natural gas (LNG).
Related columns:- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)- Europe’s gas storage must peak early this autumn (September 8, 2023)John Kemp is a Reuters market analyst.
Persons:
Kacper, Stocks, John Kemp, David Evans
Organizations:
REUTERS, European Union, United, Gas Infrastructure, Thomson, Reuters
Locations:
Strachocina, Poland, Chartbook, Europe, United Kingdom, Gas Infrastructure Europe, Frankfurt, Germany, Ukraine