Europe is now stuck with a huge stockpile of natural gas after hoarding it last year for a brutal winter that never came
But it has another problem. Countries in the region hoarded so much natural gas at higher prices that it's now stuck with stockpiles of the fuel that have depreciated in market value.have fallen nearly 28% this year so far to around 53 euros, or $57, per megawatt-hour. The Dutch natural gas futures are also 85% lower than a record high of €349 per megawatt hour in August.
The price spike had been driven by fears that Europe would be caught in a brutal winter as Russia — a key supplier — wouldto the continent in retaliation to Western sanctions over the invasion of Ukraine. The concerns had sent Europe scrambling to import liquefied natural gas from other countries and fill up its storage facilities.
But the harsh winter it was fully prepared for did not come — Europe experienced its third warmest January in 2023, with average temperatures 2.2 degree Celsius, or 35.96 Fahrenheit higher than the average between 1991 and 2020, according to theIt meant that European countries did not need to turn up the heating all that much.
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