European gas prices near monthly highs as renewable energy offsets high transit concerns.

Wholesale gas prices in the Netherlands and UK remained stable on Monday as high renewable energy output reduced gas demand. Despite concerns about the end of Russian gas transit through Ukraine, flows remain steady. European gas storage levels are below average, and analysts predict increased heating demand due to colder weather. The end of Russian transit could reduce European gas supplies by 5%, leading to higher reliance on LNG imports. These factors have pushed European gas prices near their highest this month. Asian LNG prices also surged, up 6% this week, due to concerns over the Ukrainian gas transit deal.

3 months ago
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