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European Gas Prices Decline as Shell Expects Healthy Winter Stockpiles
LONDON, UK, July 27, 2023/EINPresswire.com/ -- European gas prices are declining as Shell Plc reports ample fuel inventories ahead of the winter season, providing a positive outlook for the region. Benchmark futures dropped by up to 4.3% following a significant 10% decrease the previous day. With storage sites already more than 84% full on average and two months left before the heating season begins, the situation looks promising.
Shell's CEO, Wael Sawan, expressed encouragement about Europe's stockpiles and believes they will help prevent power outages during winter. However, he noted that the industrial sector in China has not recovered as quickly as expected after the Covid pandemic, and if a cold winter occurs, the gas stocks will deplete rapidly. Furthermore, Sawan predicted a tighter LNG market in the medium term.
Despite the heatwave that affected the southern part of Europe, temperatures are expected to cool off in many areas. Madrid and Rome will be close to their historical averages, while northern cities like London and Berlin will experience colder weather than usual, as reported by Maxar Technologies Inc.
As the benchmark Dutch front-month futures fell 2.6% to €28.52 a megawatt-hour in Amsterdam, UK prices also experienced a decline.
While Shell is optimistic about the situation, Wintershall Dea AG's CEO, Mario Mehren, urged caution, emphasizing that Europe should not become complacent despite getting through a mild winter. He highlighted the importance of monitoring developments in Asian economies and the upcoming winter conditions in the region.
German group BASF owns 72.7% of Wintershall Dea with remainder is held by Russian investors Mikhail Fridman, Pyotr Aven and German Khan.
https://www.bloomberg.com/news/articles/2023-07-27/europe-gas-prices-steady-as-shell-sees-healthy-winter-stockpiles
Shell's CEO, Wael Sawan, expressed encouragement about Europe's stockpiles and believes they will help prevent power outages during winter. However, he noted that the industrial sector in China has not recovered as quickly as expected after the Covid pandemic, and if a cold winter occurs, the gas stocks will deplete rapidly. Furthermore, Sawan predicted a tighter LNG market in the medium term.
Despite the heatwave that affected the southern part of Europe, temperatures are expected to cool off in many areas. Madrid and Rome will be close to their historical averages, while northern cities like London and Berlin will experience colder weather than usual, as reported by Maxar Technologies Inc.
As the benchmark Dutch front-month futures fell 2.6% to €28.52 a megawatt-hour in Amsterdam, UK prices also experienced a decline.
While Shell is optimistic about the situation, Wintershall Dea AG's CEO, Mario Mehren, urged caution, emphasizing that Europe should not become complacent despite getting through a mild winter. He highlighted the importance of monitoring developments in Asian economies and the upcoming winter conditions in the region.
German group BASF owns 72.7% of Wintershall Dea with remainder is held by Russian investors Mikhail Fridman, Pyotr Aven and German Khan.
https://www.bloomberg.com/news/articles/2023-07-27/europe-gas-prices-steady-as-shell-sees-healthy-winter-stockpiles
Shamir Atif
DI PR
+44 20 7454 5111
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