European natural gas futures prices are back on the rise today, approaching the record level again as Europe struggles to build up its winter gas reserves.
Bloomberg indicated that prices increased nearly twice during the past month, at a time when demand for energy increased in light of the recovery of European economies, with continued weak supplies, whether from Russia or Norway.
This comes at a time when European stocks of natural gas have fallen to their lowest level in nearly ten years, for this time of the year, which indicates the possibility of continued price hikes in the coming period.
The price of Dutch natural gas, the market’s standard crude, reached 99.99 euros per megawatt-hour of electricity, an increase of 6.8% for delivery next month. The price of Dutch gas rose last week to an all-time high of 100 euros per megawatt-hour before declining by 4% last Friday.
In London, the British gas futures price fell today by 5.5% to 254.44 pence per million British thermal units.
This comes as Spain, France and Greece called today for collective action at the level of the European Union to confront the rapid rise in energy prices.
The Spanish Finance Minister said: “This is not a problem that can be dealt with at the national level only. We need European coordination to deal with it.”
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