The total volume of trade on the Hungarian gas exchange CEEGEX in February 2023 decreased both on an annual and monthly level, to around 1.8 TWh.
This decline was caused by lower volume on the day-ahead market, while the volume on the intraday market remained stable, according to the monthly summary of the stock exchange operator.
A similar drop in the volume of trade is also noticeable on other gas exchanges in the region. It is added that gas consumption in Hungary increased by 8 percent compared to January, but decreased by 12 percent compared to February last year.
In February, the withdrawal of gas from storage was also slowed down. Hungarian warehouses were 48 percent full at the end of the month.
Gas consumption at the European level has also decreased, despite falling gas prices and falling temperatures.
Volatility on the market was significantly reduced in February compared to the same month last year. The price drop in January was influenced by relatively warm weather, low demand, large LNG shipments and strong wind production. This trend continued in February.
The price difference compared to the Austrian exchange CX remained positive, which enabled the profitability of imports from Austria, even with higher cross-border taxes. Flows from Austria to Hungary have been increasing since January, after a decline in December.
Total gas imports to Hungary decreased, mainly due to lower flows from Austria and Serbia. At the same time, Hungarian exports to Ukraine increased.
The CEEGEX monthly report adds that gas storage tariffs in Hungary will increase significantly from April 1. The injection fee will increase by 800 percent, the withdrawal fee by 550 percent, while the formula multiplier capacity will increase by 20 percent.
