Europe braces for coldest part of winter as gas prices climb to peak
Bloomberg\ writes that Europe is preparing for the coldest period of winter, and therefore gas storage facilities are in the spotlight
"Temperatures are expected to plummet across Europe at the end of the week as the region moves into an area of low pressure. London, Paris and Berlin will see average temperatures below freezing on Friday and Saturday, about 6 degrees below the 30-year average, according to Weather Services International. The Met Office is expecting snow in the coming days, as well as strong winds and rain," the publication says.
In Germany, DWD forecasters have also issued warnings of frost and ice.
The agency predicts that the coldest part of this winter will likely lead to a rise in heating demand, using up gas supplies that have fallen below 75%. Gas withdrawals from reserves have already been faster than usual this year.
"Coupled with the impending expiration of the gas transit agreement between Ukraine and Russia, this has pushed European natural gas prices close to the highs seen earlier this month," the publication says.
Europe is preparing for the coldest part of winter. Gas prices are creeping toward their peak.