2022-07-04 12:50:00
EUROPEAN GAS PRICES UP ANEW
BLOOMBERG - July, 4, 2022 - Natural gas prices in Europe advanced as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply cuts.
Benchmark futures rose as much as 2.7% on Monday after three consecutive weekly gains. About 13% of Norway’s daily gas exports are at risk amid plans to escalate an impending strike by managers, the nation’s oil and gas lobby warned over the weekend. Three fields are set to be shut by the strike starting Tuesday, while planned action the following day would take out another three projects.
That adds to fears that Europe may not have enough gas to fill storage sites in time for winter given lower flows from Russia and a prolonged outage at a key export facility in the US. The supply risks are spreading through the European economy and putting increasing stress on traders and utilities by boosting their funding requirements.
Dutch front-month gas futures, the European benchmark, were 0.8% higher at 149 euros per megawatt-hour at 8:11 a.m. in Amsterdam. Prices rose 54% last month.
Top industries in Europe’s powerhouse, Germany, could face collapse because of gas-supply cuts, the country’s top union official warned before crisis talks with Chancellor Olaf Scholz starting Monday. The energy crunch is already driving inflation to record highs, and could lead to social and labor unrest, Yasmin Fahimi, the head of the German Federation of Trade Unions, said in an interview with the newspaper Bild am Sonntag.
Russia has reduced shipments through its biggest Nord Stream pipeline by 60% and the link is scheduled for a full shutdown next week for maintenance. Germany has raised doubts that the link will resume supply following the works.
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Earlier:
2022, June, 28, 12:00:00
RUSSIA, EUROPE GAS REDUCTION
The European Commission will next month present a plan for EU countries to coordinate their preparations for further gas shocks, as Russia has already cut or reduced supplies to 12 of the bloc's 27 member states.
2022, June, 28, 11:55:00
EUROPEAN GAS PRICES UPDOWN
The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday.
2022, June, 23, 12:10:00
EUROPEAN GAS PRICES GROWTH
German Economy Minister Robert Habeck will enact the “alarm” phase of the plan when he speaks at 10 a.m. local time Thursday on energy and supply security.
2022, June, 20, 12:20:00
EUROPEAN GAS PRICES RISE
Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.
2022, June, 17, 13:35:00
EUROPE WITHOUT RUSSIAN GAS
In the worst-case scenario where the Nord Stream pipeline to Germany is shut totally, Europe will fail to reach storage levels the European Union has ordered by the start of the heating season in November. And the region could run out of stocks completely by January.
2022, June, 3, 13:10:00
RUSSIAN SANCTIONS RISES PRICES
"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.
2022, May, 30, 11:35:00
EUROPEAN ENERGY DEADLOCK
The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline
