The megawatt-hour price of natural gas in August futures contracts traded at TTF, the Netherlands-based virtual natural gas trading point with the deepest depth in Europe, reached 46.11 euros, an increase of approximately 5 percent during the day compared to the closing level of 44.13 euros yesterday.
Experts state that the expectation that the heat wave, which is expected to be effective in Northwest Europe and Italy in the coming weeks, will increase the demand for electricity and natural gas, is effective in this rise.
On the supply side, it is stated that the decrease in gas flows due to the planned maintenance works at the Nyhamna processing facility and Troll gas field in Norway, Europe’s largest pipeline gas supplier, taking longer than expected, supports prices by increasing concerns about supply security.
On the other hand, according to Gas Infrastructure Europe (GIE) data, the occupancy of underground natural gas tanks in Europe is at 43.1 percent. This rate remains below the level of 51.4 percent in the same period last year. The fact that storage levels are lower than last year also puts upward pressure on prices.
