London, Europe Brief News – A blanket of snow has descended on London and other parts of the UK, causing major travel disruptions across the country.
More snow will also hit the UK throughout Tuesday and Wednesday, with the Met Office enforcing a yellow weather warning.
This came at a time European LNG prices climbed to a new ten-week high of $33.22 Dec. 6 as forecasts for a looming cold snap boosted demand.
The Platts DES Northwest Europe assessment is now equivalent to TTF minus $9.60/MMBtu, up from TTF minus $12.70 a week ago, as LNG prices start to catch up with rising natural gas prices.
The last time the DES Northwest Europe assessment surpassed this level was Sept. 29, when it stood at $35.496/MMBtu.
The rise has occurred as Northern Europe faces freezing temperatures for the next two weeks as cold air from the Arctic is set to sweep across the region, with an expected jump in heating demand.
This will likely add significant pressure to the region’s already stretched energy infrastructure.
Colder temperatures have seen market sentiment strengthen in Europe, with EU gas storage levels declining to 90.9% full, according to Aggregated Gas Storage Inventory’s most recent data from Dec. 5.
