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Monday, September 27, 2021

Gas prices in 2022. High rates will remain at the beginning of next year

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Gas prices will remain high in the first quarter of 2022, informed Paweł Majewski, President of PGNiG. He added that he expected some decline from the second quarter. As he emphasized, as a result of a combination of several factors, the situation on the gas market in the European Union has been unusual for many years.

As Majewski explained, currently gas storage facilities in Europe are filled to approx. 50-60 percent, while usually at this time of the year it was over 90 percent. He made a reservation that the situation in Poland was different. According to data from the warehouse operator Gas Storage Poland – on September 1, Polish warehouses were 91% full, and the stocks exceeded 3 billion cubic meters.

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Gas prices in 2022 – when will they fall?

Majewski assessed that the increases in gas prices in Europe were caused, inter alia, by limiting the supply by Gazprom and redirecting LNG supplies to Asian markets. He added that with the growing demand, the lower degree of warehouse filling and the nervousness resulting from the need to fill them up before winter resulted in higher prices.

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– It’s hard to say what the prices will be in the second half of the year. However, we have reliable data on futures contracts even until the first quarter of 2022 and we expect high prices to continue. Only from the second quarter of 2022, we see a certain drop in gas prices in futures contracts, “added the president of PGNiG. He also made a reservation that the winter weather would have an impact on the price behavior.

Gas prices on European exchanges currently reach EUR 50 per MWh. Last year, they were many times lower, in the range of EUR 5-15.

Main photo source: Shutterstock



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