Europe has a BIG PROBLEM - June 21
Posted: Tue Jun 21, 2022 11:39 am
OilPrice.com:
- Russian pipeline gas supplies have dropped to their lowest in years, with Gazprom sales to non-CIS countries plunging to an average of 307 mcm/day as the Russian firm claims that EU sanctions are interfering with its planned maintenance.
- Whilst Gazprom blames the supply crunch on Siemens’ intransigence, European governments see the volume drop as Russia’s way of exacting revenge for the oil and coal sanctions slapped on Moscow recently.
- Most of Gazprom’s European buyers have reported lower gas supplies, with deliveries to Uniper and ENI at roughly half of their nominations over the past week, rekindling fears that the summer restocking season might be jeopardized.
- Spot TTF prices jumped some €40 per MWh over the course of last week, with the July 2022 contract now trading just a tad below the $40 per mmBtu mark, simultaneously pushing up LNG prices in Asia.
- Russian pipeline gas supplies have dropped to their lowest in years, with Gazprom sales to non-CIS countries plunging to an average of 307 mcm/day as the Russian firm claims that EU sanctions are interfering with its planned maintenance.
- Whilst Gazprom blames the supply crunch on Siemens’ intransigence, European governments see the volume drop as Russia’s way of exacting revenge for the oil and coal sanctions slapped on Moscow recently.
- Most of Gazprom’s European buyers have reported lower gas supplies, with deliveries to Uniper and ENI at roughly half of their nominations over the past week, rekindling fears that the summer restocking season might be jeopardized.
- Spot TTF prices jumped some €40 per MWh over the course of last week, with the July 2022 contract now trading just a tad below the $40 per mmBtu mark, simultaneously pushing up LNG prices in Asia.