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Europe Unfazed by Lower Russian Gas Flows

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Europe has shrugged off the effects of lower Russian pipeline natural gas sendout during the first two weeks of January as mild winter temperatures have contributed to reducing buyer demand. Russian supply cuts contributed to the volatility experienced by the European gas market last year. But at the moment European offtakers have curtailed gas consumption and appear to be comfortable about the supply picture for the remainder of the current winter season, driven by a combination of record-high gas storage levels, expanding LNG import infrastructure and higher wind power generation. The front-month February gas futures contract at the European benchmark Dutch TTF hub has been trading at 16-month lows, last trading at around €60 per megawatt hour ($19 per million Btu) on Jan. 17.

Topics:
Gas Supply, Gas Prices, Gas Pipelines, Gas Inventories, Gas Demand, Gas Spot Markets, Ukraine Crisis
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