Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations

Gas futures in Europe drop below $450 Per 1,000 cubic meters

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Mar 2023 12:03
2 Min Read

Europe's NetZero promises are one factor to consider in this context.

  • x
  • Pipes are pictured at a gas compressor station in Mallnow, Germany, November 1, 2021. REUTERS/Hannibal Hanschke
    Pipes are pictured at a gas compressor station in Mallnow, Germany, on November 1, 2021. (Reuters)

Data from the London-based ICE exchange revealed on Thursday that gas futures in Europe have fallen to 3% below $450 per a thousand cubic meters first time since July 27, 2021.

Netherlands-based gas hub TTF opened trading at $447.3 for April futures, which marks a 3.2% decline.

There are generally five factors to consider in the fluctuation of demand and supply of natural gas, starting with seasonality, consumption patterns, the price of competing fuel-based energy sources, global events, and EIA reports. 

Europe's NetZero promises are one factor to consider in this context.

China has been buying immense amounts of LNG over the past two years, including from Russia and Qatar, in a bid to offset the economic effects of Covid-driven lockdowns.

Europe has bought excesses of LNG from China on a spot-on basis because purchases from the US do not include a destination clause.

Read more: Norway under fire for making record billions from gas and oil revenues

However, due to the EU's commitments to transit to a NetZero economy, Europe will have to continue buying on a spot-on basis.

Ultimately, these consequences hiked from the EU and the G7's price cap on Russian oil.

Chevron CEO Mike Wirth said during a conference at CERAWeek on Monday that the Russian price cap has generated a large number of obstacles in standard operations for global energy markets. 

"There's not a lot of swing capacity, there's not a lot of inventory capacity, so a little bit, and the system normally optimizes within those parameters, but there's now a lot of constraints: you can't sell to this country, you can't buy from that country, can't insure," Wirth said, adding that he does not see the prospect of Europe to become a dependent consumer of Russian gas ever again. 

President Vladimir Putin signed a decree on February 1, in retaliation to the price cap, to ban crude oil sales to countries abiding by the Western-led price cap on Russian oil.

Read more: Disregarding Russian oil supply 'would be a sin': QazaqGas

  • Gas futures
  • Gas prices

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Saudi's PIF refocuses on AI, logistics, and religious tourism
Economy

Saudi Arabia's fund refocuses on AI, logistics, and religious tourism

Detained Bahraini activist al-Khawaja starts new hunger strike.
Politics

Detained Bahraini activist al-Khawaja starts new hunger strike

Israel fortifies Gaza’s "yellow line," prepares to dig in.
Politics

'Israel' fortifies Gaza’s 'yellow line,' prepares to dig in: WSJ

President Donald Trump speaks to reporters aboard Air Force One as he travels from Tokyo, Japan, to South Korea, on October 29, 2025. (AP Photo/Mark Schiefelbein)
Asia

Trump’s weak dollar strategy risks global fallout: Forbes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS