The surge in electricity supply did little to ease rising prices that are being driven higher by climbing gas costs as Russia cuts some flows to Europe.

European nations have for months feared Russian supply cuts in retaliation for sanctions aimed at Moscow for its invasion of Ukraine.

According to preliminary data, Gazprom produced 226 billion cubic meters of gas from January 1 through June 15, 2022. This is a decrease of 6.4 per cent (or 15.5 billion cubic meters) versus the same period of last year.

Asian LNG futures for winter delivery surged to the highest level in over two months.

From January through May 2022, LNG imports into the European Union and the United Kingdom averaged 14.9 Bcf/d, which is 5.9 Bcf/d (66%) more than the annual average in 2021 and 4.7 Bcf/d more than the pre-pandemic high of 10.3 Bcf/d in 2019

U.S. natural gas prices to remain relatively high in 2022 because of lower-than-average natural gas inventories resulting from factors affecting both supply and demand.

Russian shipments through the Nord Stream pipeline to Germany are set to swing broadly on Tuesday, nominations show. The link is also scheduled to shut down July 11-21 for seasonal maintenance.

"The energy complex is very tight globally and LNG prices will be supported in the next two-three months at the very least," a trading source based in Singapore said June 13.

The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

In May 2022, Spain and Portugal created an extraordinary and temporary mechanism in Spain and Portugal to protect consumers from the rise in electricity prices,

Jiangsu’s installed capacity for gas-fired power generation exceeded 13 GW in 2021,

Стороны отметили позитивную динамику сотрудничества в области энергетики, в частности повышение уровня взаимодействия нефтегазовых компаний двух стран,

Cuts to Russian supplies in recent months and fears of further curbs have prompted European energy companies to go hunting for new sources of gas to refill storage ahead of the winter.

Chancellor Olaf Scholz’s three-party alliance agreed at the end of March to cut the levy on fuel for three months from June 1 by 30 euro cents per liter for gasoline and 14 cents for diesel, costing the government about 3 billion euros ($3.1 billion) in lost revenue.

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.