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Crisis update: Sharp gas price drop stops

The past few days' sharp short-term gas price drop has stopped. In fact, on Thursday morning, the 20th of October, that price rose about six percent to €120/megawatt hour. This crisis update recaps the energy news.

The November TTF gas price closed at €112,5 on Wednesday (19-10). Yesterday (20-10), it opened higher. See the current figures here.

The APX market spot prices dropped slightly from Wednesday. Yesterday morning, it was at €125.5/MWh, €4 less than Wednesday. However, for peak hours, that price is €27 higher, at €155.5.

In Brussels, intervening in the energy market was discussed again yesterday and today. The 27 EU member states have not yet devised a final plan. They hope to agree on things like jointly purchasing 15% of the gas and a flexible gas peak ceiling, reports the BNR

According to the Dutch economic journal ESB,  economists warn that the country's cabinet choosing to adopt an energy ceiling will only cause prices to increase further. They speak of "market force sabotage" and give five effects on competition. You can read the article here.

Without Russian gas, this crisis may well worsen, not this but next winter. So warns the fossil-rich Gulf state of Qatar's energy minister. Qatar does not intend to stop long-term liquified gas supply contracts to Asia. Though Europe covets that gas. Without that gas, it will be hard to fill storage tanks. However, Qatar cannot increase its production capacity until 2025. The BNR writes about the minister's statement in the British newspaper, the Financial Times.

Off the Spanish coast, ships laden with LNG are waiting to offload. But, that country's storage facilities are full, as is its grid. Business Insider Nederland reports on this.

The Dutch House of Representatives wanted to see Dutch overseas natural gas supply deals. Questions were also raised about how and at what prices gas produced in the Netherlands is sold. This request was refused. GasTerra eventually offered to confidentially provide information to MPs.

It concerns the types of gas contracts, their pricing, and how the natural gas market works. That was done in consultation with the Ministry of Economic Affairs and Climate Change. The offer has now been submitted to Parliament, says GasTerra, referring to a partially redacted policy note.

This post might be a 'bright spot' ;-)

If this materializes, I'll eat my bikini - Helga van Leur (Dutch meteorologist)