Russian natural gas won't save Europe this winter
Posted: Tue Nov 23, 2021 1:03 pm
OilPrice.com:
Russian gas exports into Europe remain roughly on par with last year’s readings when the second wave of covid was battering the continent's demand, currently hovering around a 3000 GWh/day rate.
- Following the suspension of the Nord Stream 2 approval process, doubts are mounting that the pipeline would be commissioned this winter as it also needs the approval of the European Commission.
- Moreover, ever since Gazprom started to replenish European gas inventories, it has done so at a meager 5 million cubic meters per day rate, keeping current Gazprom gas stocks at a third of their usual level.
- Against this background, Europe’s main benchmark, the Dutch TTF, saw its day-ahead prices edge up to 85 per MWh ($95/MWh), equivalent to $25 per mmBtu, i.e. lower than Asia’s spot LNG assessments.
Russian gas exports into Europe remain roughly on par with last year’s readings when the second wave of covid was battering the continent's demand, currently hovering around a 3000 GWh/day rate.
- Following the suspension of the Nord Stream 2 approval process, doubts are mounting that the pipeline would be commissioned this winter as it also needs the approval of the European Commission.
- Moreover, ever since Gazprom started to replenish European gas inventories, it has done so at a meager 5 million cubic meters per day rate, keeping current Gazprom gas stocks at a third of their usual level.
- Against this background, Europe’s main benchmark, the Dutch TTF, saw its day-ahead prices edge up to 85 per MWh ($95/MWh), equivalent to $25 per mmBtu, i.e. lower than Asia’s spot LNG assessments.