{"id":19722,"date":"2023-06-23T15:10:21","date_gmt":"2023-06-23T14:10:21","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=19722"},"modified":"2023-06-23T15:12:30","modified_gmt":"2023-06-23T14:12:30","slug":"europe-renewed-pressure-on-gas-prices","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/europe-renewed-pressure-on-gas-prices\/","title":{"rendered":"Europe: renewed pressure on gas prices"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>Having reached heights of over \u20ac300\/MWh in August 2022, European month-ahead gas prices tumbled back to their pre-crisis level of just \u20ac23\/MWh at the end of May. However, prices have been rising in recent weeks and briefly exceeded \u20ac40\/MWh on 15\u00a0June.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19723\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-300x131.png\" alt=\"\" width=\"889\" height=\"388\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-300x131.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-1024x446.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-768x334.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-1536x669.png 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/06\/Chart-of-the-week-2306-2048x892.png 2048w\" sizes=\"auto, (max-width: 889px) 100vw, 889px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The tumble since last summer was driven by the mild weather in winter 2022\u201323 reducing gas demand in Europe. In parallel, gas storage levels have been rising at a healthy rate since the end of March despite low Russian gas flows to Western Europe. EU capacity was 75% full on 20\u00a0June compared with 55% at the same time last year1.<\/p>\n<p>Several reasons explain the price rise since the beginning of June. First, a maintenance outage at a Norwegian processing plant until 15\u00a0July is currently cutting capacity by 80\u00a0million cubic\u00a0metres (mcm) per day. Second, Chinese imports of liquefied natural gas (LNG) ticked up sharply in May, consuming a higher share of global supply. Third, intense fighting in Ukraine is putting extra pressure on commodities, including grains \u2013 there is now little hope that the Black Sea Grain Initiative will be extended beyond mid-July.<\/p>\n<p>Rising gas prices are a reminder that Europe has not fully resolved its energy crisis, although the situation appears to be under control for next winter. Fears over supplies and winter shortages are currently quite low, which should ease pressure on the gas market until the end of the year.<\/p>\n<p>***<\/p>\n<p>Written on June 23, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/sp-500-anatomy-of-the-year-to-date-rise\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/sp-500-anatomy-of-the-year-to-date-rise\/\u00a0<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week Having reached heights of over \u20ac300\/MWh in August 2022, European month-ahead gas prices tumbled back to&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":19716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[98,148,99],"tags":[2107,1971],"class_list":["post-19722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-chart-of-the-week","category-expertise-en","tag-interest-rates","tag-usa-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Europe: 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