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European Gas Constraints to Last Into 2023, Traders Believe

December 24, 2021 by Forex Winner Leave a Comment

European Gas Constraints to Last Into 2023, Traders Believe

Source: Bloomberg

Europe’s gas issues could last until 2023, with forward prices for the summer already hitting record-highs.

  • Traders believe the ongoing gas issues will push through until early 2023, with the forward prices already more than double in the past month.
  • Forward prices for the summer season have already hit a record-high of over 100 euros or $113 a megawatt-hour this week.
  • Europe continues to face an energy crisis as Russia curbed supplies and nuclear outages in France, exacerbating the strain in grids during the coldest season.
  • Russia’s controversial Nord Stream 2 pipeline is unlikely to be approved in the first half of 2022, pushing supplies to be limited in the summer.
  • Analysts do not see any immediate help on the way, with the growth in the forward prices indicating another year of volatility for the market.

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