The wind brought down the cost of European gas

19.10.2021

Warm and windy weather, which forecasters predict in Europe, slightly eased the energy crisis in the region. Gas prices fell at the auction on Tuesday, October 19, to $1,027 per thousand cubic meters. Weather conditions will play into the hands of Germany and Great Britain.

According to the forecast of the meteorological company The Weather, the temperature in northwest Europe will be substantially higher than seasonal norms until October 21, and by the end of November it will be higher or at the normal level. Such weather conditions at the beginning of the heating season will make it possible to compensate for the decrease in gas supplies from Russia and the growth in demand for energy resources in Asia. According to the forecast of the investment bank JP Morgan Chase & Co, gas consumption will decrease with each relatively warm month, which will significantly compensate for the hike in fossil fuel prices. In the UK, gas demand projections, as of October 19, are below the five-year average.