At the end of the previous week, some contracts had peaked at prices of over 350 euros per megawatt hour. The September contract last traded on Tuesday is currently down 12.2 percent to €297.75 per megawatt hour. The then market-leading October contract lost 5.4 percent and stayed above the EUR 300 mark at EUR 327.73.
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Dealers do not want to give the all-clear. Nevertheless, they refer to reports on German gas storage facilities, which are currently filling up faster than planned. “The October storage target of 85 percent should be reached by the beginning of September,” quoted the magazine “Spiegel” from an internal memo from the Federal Ministry of Economics. This makes it more likely that an acute gas shortage can be avoided in winter, according to the magazine. A spokeswoman for the ministry confirmed the report when asked by Dow Jones Newswires. On Friday, the fill level was 82.2 percent. The purchase of Russian gas has fallen significantly.
Meanwhile, current data from the Nord Stream 1 pumping pipeline shows that Russian gas is still flowing through it at the recently low level. The Russian state-owned company GAZPROM had announced that it intended to interrupt the gas flow for several days at the end of the month due to “maintenance work”. In the trade there is concern that Russia might not be able to resume deliveries afterwards.
FRANKFURT (Dow Jones)
More news about the price of natural gas – Natural Gas
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