Natural Gas: Down 8% to 117 euros per megawatt hour after the Summit

It records a fall on Friday the price of natural gas following the agreement reached at the Brussels Summit on the European Commission’s package of measures. The price of the reference contract for natural gas, which is the December contract of the Dutch TTF index, fell by 8%, to 117 euros per megawatt hour, when on August 26 it had touched 340 euros.

Crude oil was down 0.97% at $83.70 a barrel, while Brent was down 0.97% at $91.46 a barrel.

An important step forward was made, on the package of proposals presented by the Commission a few days ago, and a big step in the ceiling on the price of natural gas, the deputy government representative commented to SKAI 100.3 Aristotelia Peloni.

“The markets have already got the message, the prices we see today are reduced” pointed out the deputy government spokeswoman.

Based on the results of the Summit, in addition to a measure to set wholesale prices on the so-called “gas exchange”, the leaders are also calling for a concrete plan for a “temporary” mechanism to impose a ceiling on the price of gas used to generate electricity — a measure already in place in Spain and Portugal and France was calling for it to be extended across the EU.

Nevertheless –concession to secure German consent—, this mechanism will be accompanied by guarantees “avoidance of any increased gas consumption”. Any possibility of the EU subsidizing electricity exported to its neighboring countries (Norway, United Kingdom, Switzerland…) should also be prevented.

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