Russian natural gas won't save Europe this winter

Russian natural gas won't save Europe this winter

Postby dan_s » 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.
Dan Steffens
Energy Prospectus Group
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