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[Markets] Northwestern Europe Sees Mild Weather, Offers Temporary Relief From Energy Crisis Northwestern Europe Sees Mild Weather, Offers Temporary Relief From Energy Crisis

Temperatures in northwest Europe are forecasted to be above average through the middle of next week, according to a new report from Maxar's WeatherDesk. This is excellent news for the region that has been battered by below-average temperatures and soaring natural gas and power bill costs. 

Above-average temperatures are forecasted for northwest Europe through next Wednesday. Then, in the second half of the month, temperatures will dip below trend and increase heating demand.

Below average heating degree days for northwest Europe will be seen through Oct. 12 and then is expected to jump above trend by late next week, which signals cooler weather will take more energy to heat a building structure. 

This week's above-average temperatures may act as temporary relief for customers who've already had their wallets pummeled by European gas prices (Dutch TTF and UK NBP) hitting new highs amid lower stockpiles ahead of the winter season. 

For the last several months, European gas prices have been soaring to new highs on a weekly basis. Reports indicated last week that a sudden drop in Russian natgas deliveries via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany, was the spark that lifted prices even higher. 

Warmer temperatures will be welcomed for this week into early next but gas prices could continue higher as cold weather is just ahead. 

Tyler Durden Tue, 10/05/2021 - 02:45
Published:10/5/2021 2:03:53 AM
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