Frost in Europe drives up gas prices. In the background there is a dispute with the USA over Greenland
Gas prices are growing. Analysts point out that Europe is becoming more and more dependent on American gas. About 80 percent LNG reaching European terminals comes from the USA, writes the wnp.pl portal.
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Natural gas prices in Europe have reached their highest level since June last year. Two main factors are responsible for the increase: record low temperatures on the continent and speculations about the security of American LNG supplies.
In the Dutch TTF hub, the price per MWh of gas exceeded EUR 41 on Thursday morning. In the evening it stays around 38 euros. Back in December the price of gas remained below EUR 30.
The weather is primarily responsible for the dynamic price increase. January temperatures in Europe are the lowest in over 15 years – up to 4 degrees Celsius lower than a year earlier. The increased demand for gas is intensified by weak winds, which limits the production of energy from renewable energy sources.
How much gas did Poland accumulate in January 2026?
As we wrote in Business Insider Polskacomparing the current temperatures to last year's, it is clear that even more gas will be needed in 2026. And at the same time, we provide it in large quantities to Ukraine, which is in difficult conditions.
According to data from Gas Infrastructure Europe in Brussels Polish magazines January 18 this year were 73.1% filled. A year ago on January 18, the occupancy rate was 75.5%, and two years ago – 86.1%, which indicates that This year we are using gas from reserves much faster than in previous years.
See also: How much gas does Poland have in storage compared to Europe? There must be enough for us and for Ukraine
Record LNG imports and growing dependence on the USA
In response to growing consumption, Europe is increasing imports of liquefied natural gas. It is estimated that in January LNG supplies will reach 10 million tonnes – 24%. more than a year ago, which may mean a new record – reports wnp.pl.
Currently, approximately half of the gas imported to Poland comes through the LNG terminal in Świnoujście. December marks 10 years since the first load of liquefied gas arrived at the LNG terminal in Świnoujście. It was the so-called technical gas, necessary to start the installation. The first commercial LNG cargo arrived in Świnoujście half a year later.
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Maciej Zieliński, Mateusz Krymski / PAP / photos
The second factor influencing prices is concerns about the stability of American LNG supplies. There has been speculation on the market that the US administration may use the gas issue as an element of negotiations regarding Greenland. Although the scenario of limited supplies seems unlikely, the uncertainty itself affects investor sentiment.
Source: CIS
