European Union gas prices smash historic high - Natural gas fees in Europe hit file highs in Tuesday’s buying and selling, exceeding $1,000 in line with 1,000 cubic meters for the first time in history, records from the Intercontinental Exchange (ICE) indicates.

The rate of October futures on the Dutch TTF exchange surged to $1,031.30 in step with 1,000 cubic meters, with the general increase in gasoline expenses on account that the beginning of the trading day exceeding 11%. The fee of November futures at the TTF has reached nearly $1,040 in step with 1,000 cubic meters.

European fuel prices may also keep to rise and destroy new information within the occasion of a chilly wintry weather and a physical scarcity of fuel available on the market, according to international score corporation Fitch.

European Union gas prices smash historic high

“The primary test for fuel fees and purchasers could be in wintry weather – in case of cold weather and bodily shortage, fees may also leap even higher than now,” Dmitry Marinchenko, the senior director of the organization for herbal sources and commodities at Fitch, informed TASS.

Russian professionals had warned that fuel fees ought to surge due to various of things, consisting of demand in Asia, the weather in Europe and the approaching winter season, as well as the timing of the release of Russia’s Nord Stream 2 pipeline. Low gas-storage volumes throughout the continent and strangely excessive demand for the contemporary season also upload to the possibilities of record highs at the European gas marketplace.

According to the chairman of Russia’s Gazprom, Alexey Miller, developing demand in Europe and a lag in filling underground storage centers will continue to push natural gas prices higher.

European Union gas prices smash historic high

Sergey Komlev, the department head at Gazprom Export, stated that pipeline gas supplies from Russia to Europe this year are at historic highs, with Gazprom increasing fuel production by means of 18.4% year-on-year.

At the equal time, the European fuel marketplace within the first half of 2021 faced an outflow of liquefied herbal fuel (LNG) to the Asia-Pacific and South American markets, with its share in imports dropping from forty one.5% to 31%. In absolute phrases, LNG supplies to Europe all through this era reduced with the aid of 10.Seventy four billion cubic meters (15.9%).

European Union gas prices smash historic high

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Ukraine ‘desires’ lengthy-term gasoline transit contract with Russia – GTS operator

 A lengthy-term settlement for the transit of Russian gas is crucial for Ukraine, which desires money to preserve its pipeline community, the country’s fuel transmission gadget (GTS) operator says.

“We need an extended-time period contract with a view to cowl our operational wishes,” head of GTS Ukraine Sergei Makogon said on Tuesday.

Makogon stressed that servicing the country’s gas transmission device is pricey, being an significant infrastructure with heaps of workers. Therefore, it is going to be hard for Ukraine to hold it “with out substantial lengthy-term commitments,” he burdened.

Kiev strongly opposes the release of Russia’s newly constructed Nord Stream 2 pipeline, fearing Moscow should scrap the transit agreement with Ukraine and transfer completely or in part to the new device.

“Nord Stream 2 and Turkish Stream 2. What should Europe do? Investigate the abuse of dominance. Show harmony. Answer resolutely. Protect transit thru Ukraine. Do now not give exceptions to EU policies,” read the presentation to Makogan’s speech on the conference.

Russia, however, time and again stated that it'll respect commitments below the gasoline transit cope with Kiev. At the end of 2019, Russia and Ukraine signed a raft of agreements on the continuation of fuel transit via Ukraine’s territory, inclusive of a 5-12 months transit settlement, in step with which Russia’s nation energy predominant Gazprom assured the pumping of sixty five billion cubic meters of fuel for the duration of the first year and forty billion cubic meters of fuel annually over the subsequent 4 years.

The head of Gazprom, Alexey Miller, recently said that the organization is prepared to keep fuel transit via Ukraine after 2024, relying on financial feasibility and the technical condition of Ukraine’s fuel transportation community. At the equal time, he talked about that the volumes of transit will must be adjusted to the new volumes of purchases of Russian gasoline by way of EU states with consideration of Nord Stream 2 contracts.

The new Russian pipeline is waiting for EU certification to launch deliveries. The method may want to take in to 4 months due to bureaucratic procedures in Brussels in addition to opposition to the venture from Washington and some Eastern European states.