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(Reuters) – European gas prices are still subject to upward pressure due to rising demand in Asia and concerns over future supply of Russian and liquefied natural gas (LNG), the CEO of Norwegian oil and gas producer Equinor said on Thursday.
“Winter is approaching, and European demand will depend on the weather and temperature. A normal or cold winter will put upward pressure on prices,” CEO Anders Opedal told reporters after the company reported third quarter earnings.
Demand for LNG in Asia, which is driving competition with Europe, and imports of Russian gas will also affect prices, he added.
In addition, there is “considerable uncertainty” related to when new LNG projects will start, according to the CEO.
“In this picture, Equinor is well positioned in the gas market,” Opedal said.
Even with a normal winter, European gas storage sites should be around 40% full in April 2025, compared with 60% at the same time this year, CFO Torgrim Reitan said during an earnings call with analysts.
The gas market remains “fragile” despite storage being almost full ahead of the winter, Reitan said.
European gas storage sites are currently around 95% full, according to data from Gas Infrastructure Europe.
The benchmark front-month contract at the Dutch TTF gas hub hit a ten-month high of 42.57 euros per megawatt hour (EUR/MWh) on Thursday, LSEG data showed, on geopolitical risks.
Earlier on Thursday, Equinor reported a sharper-than-expected 13% decline in third-quarter profit, citing weaker oil prices and lower production.
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