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    European gas prices surge as Gazprom mutes hopes for more supplies

    UK and European gas prices are almost on Monday after Russia’s Gazprom has weakened expectations for additional supplies next month, despite suggestions from President Vladimir Putin that there are more possibilities. It soared 18 percent.

    The long-awaited pipeline capacity auction, held on Monday when traders were monitoring evidence of increased supply, increased from Russia via either the Ukrainian pipeline or a route through Poland to Northwestern Europe. Did not show.

    “”[The auction results were] It’s the same as last month, so we expect it to level off in November, “said Tom Marzec-Manser of consultancy ICIS.

    European gas benchmark contracts delivered in November increased 17.7% to € 104 per megawatt hour, while comparable UK contracts surged more than 15% to £ 2.71 per therm.

    Putin and Kremlin officials have been wrestling with record high gas prices threatening the economic recovery from the pandemic, suggesting more gas could be supplied to Europe in recent weeks. I hinted.

    Russia has been accused of withholding supplies to strengthen support for accelerating the launch of the Nord Stream 2 pipeline, which bypasses Ukraine to supply gas directly to Germany via the Baltic Sea. ..

    Putin last week denied politics on Europe’s gas supply, claiming that Gazprom had already exceeded its contractual obligations to customers in the block.

    The accusation that Gazprom was using energy as a “weapon” to speed up the approval of NordStream 2 was “Brother of political motivation“He said, but he admitted that approving the new pipeline could alleviate the EU’s energy shortage.

    Continental Europe has more than one-third of its total gas supply from Gazprom, but the long winter of 2020-21 has depleted storage facilities in both Russia and the EU to low levels.

    Russia’s Deputy Energy Minister Evgeny Grabchak said last week that Gazprom would continue to fill domestic storage facilities until November 1.

    At the same time, increasing demand for liquefied natural gas in Asia has intensified global competition for LNG freight, making it more difficult and expensive to make up for Russia, which the UK and EU countries are reluctant to fill the gap. It has become. The UK imported almost 20% of its gas in 2019 through the shipment of LNG.

    European gas prices surge as Gazprom mutes hopes for more supplies Source link European gas prices surge as Gazprom mutes hopes for more supplies

    The post European gas prices surge as Gazprom mutes hopes for more supplies appeared first on California News Times.

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