Thus, the price on the TTF exchange in the Netherlands collapsed, with the spot market closing in recent days at EUR 35 per MWh, and the November futures at EUR 95/MWh.
And what is happening right now with all the LNG tankers that are circulating around Europe waiting to be unloaded? They are being blocked because none of the countries with offloading capacity – Britain or Spain – have enough storage to take as much as the terminals can regasify.
Data from LNG traders show that tankers in Spain are currently trading at almost zero or even in the red for November because there is no demand. At the same time, however, the ships do not want to leave, as they expect prices to jump with the colder weather and in just a week they will be able to sell at the more expensive front month December prices, which are expected to be around 180 euros/mWh. At the moment, futures for December are 130 euros/mWh.
Electricity is also getting cheaper
Although many buyers, including in Bulgaria, of electricity concluded deals earlier in the year at 350-400 euros/mWh for the last quarter, in reality, current electricity prices are twice as low.