Bloomberg: Expectations of rising gas prices in Europe until 2023

Gas will be expensive even in hot weather, the agency wrote. Futures prices have more than doubled over the past month, and traders believe the unprecedented rally will continue into early 2023.

This week, summer contract prices exceeded 100 euros ($113) per megawatt-hour, the highest in the entire trading history. At the same time, the Nord Stream 2 gas pipeline, as indicated in Germany, will not be approved in the first half of 2022.
Traders believe this could lead to tight supplies in the summer, when Europe needs gas to fill storage facilities.

Kushal Ramesh, chief analyst at Rystad Energy in Norway, noted that he does not yet see the conditions conducive to lower prices. He concluded by saying that the rise in futures prices “suggests another year of instability and continued price hikes.”

Earlier, the agency wrote that in order to overcome the energy crisis in Europe, it is necessary to switch to cleaner types of energy as soon as possible.