In October 2024, natural gas price was down 6.9% m/m, - according to the report published by Glat&Taggart.
Gas prices in Europe fell sharply after a Bloomberg report suggested that European buyers were close to a deal with Azerbaijan to maintain gas flows through Ukraine. However, other sources later denied this information. The Russia-Ukraine gas transit deal expires at the end of 2024, and its future is uncertain.
Bloomberg claimed that Hungary and Slovakia were close to signing contracts with Azerbaijan for 12-14 billion cubic meters of gas annually. The Slovak state-owned gas company, SPP, later denied the information, saying the deal was far from final and the European Commission has emphasized Europe’s commitment to phasing out Russian gas, even if it means losing the Ukrainian transit route.
On the demand side, Europe is set to experience a mild weather over November. Temperature across continent will remain warmer than 30-year norm during the month, affecting natural gas demand for heating. Meanwhile, European storages are c. 95% full, comfortably above 90% target. In general, full storages can supply enough gas to cover almost third of the continent’s winter demand.
