2022-05-11 11:10:00
EUROPEAN GAS PRICES UPDOWN
BLOOMBERG - 10 MAY 2022 - European natural gas futures reversed earlier losses, after Ukraine’s network operator warned about risks on Wednesday to transit flows from Russia.
The benchmark front-month contract jumped as much as 8.1% on the news as traders remain on edge, even though prices have eased recently due to a steady stream of liquefied natural gas and warm weather. Russia supplied about 40% of the European Union’s gas demand last year, and about a third of that transited Ukraine, making it a linchpin in the continent’s energy security.
Ukraine won’t accept gas at Sokhranivka, one of two cross-border points handling Russian flows, from 7 a.m. local time Wednesday after occupying forces disrupted operation at the compressor station, Ukraine’s Transmission System Operator said in a statement on its website. It’s still possible for gas to be rerouted to the second entry point, Sudzha, allowing European contracts to be fulfilled, it said.
It wasn’t yet clear if a decision has been made to re-route flows. Russian supplier Gazprom PJSC didn’t immediately comment.
Muted gas demand in China, strong inflows of liquefied natural gas into Europe, and mild spring weather have been keeping European prices in check recently. Yet, risks disruptions due to the war in Ukraine still dominate the market.
“European gas prices will retain this geopolitical risk premium for the foreseeable future,” Stifel analysts Chris Wheaton and David Round said in a note earlier on Tuesday. Gas prices could remain high through the rest of 2022 and 2023, they said.
Dutch month-ahead gas, the benchmark for Europe, settled 5.4% higher at 98.80 euros per megawatt-hour, following two consecutive sessions of declines. The U.K. equivalent rose 13%.
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Earlier:
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2022, April, 8, 10:55:00
EUROPEAN ENERGY COOPERATION
Up until now, Europe has not announced an energy emergency plan. However, the latest figures show that Europe's gas storage capacity is only 26% full.
