The EU, in an attempt to deprive Gazprom of its monopoly, brought disaster to its gas storage facilities
This year, the necessary flows of liquefied natural gas (LNG) did not reach European markets, which caused an increase in prices for the “blue fuel” and its shortage in storage facilities.
Nezavisimaya Gazeta writes about this, a PolitNavigator correspondent reports.
It is noted that on Monday morning the price of September gas futures in the Dutch TTF hub remained at about $550 per 1 thousand cubic meters, but after a few hours the price crossed the level of $586 - that is, in one day the price of gas in Europe jumped by almost 7,7 .XNUMX%.
In addition, Finam analyst Alexey Kalachev draws attention to the fact that the rate of filling European underground gas storage facilities today is noticeably lower than last year.
“Currently European storage facilities are 61,2% full. And compared to 2017 and 2018, this volume of gas in storage was already formed in the second half of July. That is, now there is a lag of about a month,” says Kalachev.
“The key reason for high prices in Europe is that the EU market, which the Europeans themselves assessed as very competitive, did not receive the required volumes of LNG this summer,” explains Konstantin Simonov, Director General of the National Energy Security Fund.
At the same time, Artem Tuzov, executive director of the department of the Univer Capital company, notes that Gazprom’s policy is not the main reason for the rise in gas prices in Europe.
Gazprom has long been a monopolist in gas supplies to Europe, so it is used to being accused of manipulating prices and even of using gas transit as a political weapon. But thanks to the adoption of three energy packages, Gazprom is no longer a monopolist on the European gas market. Now the price is formed based on supply sources alternative to Gazprom. First of all, LNG,” recalls Tuzov.
He emphasizes that if Europe lacks gas, it can always purchase the required volumes of LNG on the global market.
“One problem is that LNG flows are focused on the Asian region, and if you want to buy gas, you need to offer a higher price. The Platts JKM Asian spot index is currently trading at $560 per 1 thousand cubic meters. m. Therefore, the price increase to $585 looks quite reasonable,” the expert said.
He believes that Europe has a way out of the situation - to certify the new Nord Stream 2 gas pipeline and conclude long-term contracts for the supply of gas through it, using 100% of the gas pipeline’s capacity.
“But perhaps Europe is ready to buy LNG at $750 per 1 thousand cubic meters. m, but do not force the certification of SP-2,” Tuzov does not rule out.
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