Exceptionally mild weather across Northwest Europe since October has led to a sharp drop in gas prices from record levels over the summer.

Meanwhile, the European Union is continuing talks about ways to limit spikes in gas prices ahead of a meeting of energy ministers next week.

Benchmark gas futures settled 9.2% higher, following an increase of 16% on Monday. Freeport LNG in Texas will likely extend an outage that began in June, increasing global competition for much-needed supplies right before the winter.

Реализация данных мероприятий позволит обеспечить эффективное функционирование нефтегазовой отрасли в условиях внешнего давления со стороны недружественных стран.

Currently, Rosatom fuel company TVEL supplies fuel for Loviisa’s two VVER 440 reactors.

China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.

Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers.

Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.

Dutch front-month gas, Europe’s benchmark, traded 2.4% higher at €119 per megawatt-hour by 8:43 a.m. in Amsterdam after losing 5.8% a day earlier.

«Несмотря на внешнее санкционное давление на Россию и Иран, торгово-экономическое сотрудничество между нашими странами продолжает демонстрировать устойчивый рост», – подчеркнул Александр Новак.

Europe’s gas storage sites are nearly 95% full, providing a buffer for when the weather turns colder. Reserves in the biggest gas consumer, Germany, have risen to 99%, according to Gas Infrastructure Europe.

The recent fall in European gas prices may not last, according to Italian energy major Eni SpA. “It’s a temporary situation,” Chief Executive Officer Claudio Descalzi said in Abu Dhabi. “We have problems in 2023 because in 2023 we don’t have Russian gas.”

The push to fill storage facilities before the start of winter has been successful -- with many close to capacity. But some suppliers may now want to hold back those reserves until they can sell their stored gas at more attractive rates.

Российская сторона поддерживает повышение международной роли ФСЭГ, включая предложения расширить число участников Форума и его диалоговых партнёров.

Benchmark futures declined as much as 12%, and are about 70% lower from the highs of August.