European gas price sinks, still ‘unbearably high’ ahead of winter

The decline followed comments from Germany’s economy minister, Robert Habeck, who said the country’s gas storage will be at 85 per cent capacity next month, well ahead of its legislated October target. This helped eased concerns about shortages leading into the cooler months.“Nevertheless, Germany remains at risk of not being able to get through the winter, if Russian gas flows remain at current levels,” senior commodity strategist at ANZ Daniel Hynes said.

The European Union is planning urgent action to cool roaring power prices, and is reportedly putting together proposals to reform the electricity market. Price caps also appear to be part of discussions, according to NAB, with the Czech Republic, which holds the rotating presidency of the EU, announcing an extraordinary meeting of energy ministers to be held on September 9.was articulated by Shell’s chief executive Ben Van Beurden, who warned that the region may need to ration access to energy for several years as the crisis is expected to last more than one winter.

This followed news last week that Kazakhstan’s exports of crude may be hampered for months because of damage to its port facility.

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