“The energy crisis may extend until next winter”

Natural gas storage levels are at their lowest in more than 10 years and are declining rapidly. With the cold approaching in Europe, there is a risk of running out of stocks by the end of the warming season, making it extremely difficult to replenish stocks.

The widening gap between summer and winter prices is encouraging energy trading companies and utilities to pull as much gas as possible over the next few months to take advantage of higher prices. The gap between natural gas prices in the Netherlands in the first quarter of the year and the next quarter is around 50 euros ($57) per megawatt hour, more than double the average of the last six months and more than 30 times the average of the last five years.

Bauditz, CEO of Norlys Energy, said in a statement, “There is a huge difference between winter and summer contracts, which is causing storage levels to run out completely. "If storage runs out, then similar pressures on gas stocks and prices could be seen next year," he said.