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Monday, October 18, 2021

The head of Gazprom admitted a new record rise in gas prices in Europe and a deficit

Spot gas prices in Europe could break records again. Gazprom boss Alexei Miller allowed for a further increase in fuel prices, TASS reports.

He noted that the European gas industry lags behind in gas injection rate in storage facilities by 22.9 cubic meters, and this is definitely not possible to catch up until the start of the winter season. Miller believes Europe “will go into winter with a deficit; the only question is how much of the deficit.” Even with price records in Europe, fuel supplies are going to the Asian market, which remains more attractive, the Gazprom director said.

Miller added that Gazprom’s competitive advantage is its ability to dramatically increase production. The company has additional capacity in case of a peak demand of almost 150 billion cubic meters of gas, he said.

According to the European Commission, EU gas storage facilities are currently 70 percent full, compared to 82 percent a year ago.

The exchange value of natural gas in the auction on September 15 exceeded $ 900 per thousand cubic meters. However, after that, the price began to fall sharply and on September 16 it amounted to $ 749 per thousand cubic meters.

Earlier, the press secretary of the Russian president, Dmitry Peskov, said that the increase in gas prices in Europe has nothing to do with Russia. He also added that the situation will be balanced with the launch of the Nord Stream-2 gas pipeline.

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