European gas fell sharply at the auction on Thursday, December 23. January futures quotes in the most liquid European TTF hub in the Netherlands collapsed by 20.9% and at 13:38 Moscow time were trading at around €136.8 per MWh, or $1,627 per 1 thousand cubic meters (at the current exchange rate), according to ICE exchange data.
Gas prices are being adjusted after they rose strongly on Tuesday, December 21. According to the results of trading, the price of gas futures reached $2,136 per 1 thousand cubic meters (€180.34 per MWh). During the day, the price rose to $2,220 (€187.47). The previous record of $1,900 was set at auction on October 6.
Gas is getting cheaper amid the news that American and Australian ships carrying liquefied gas to Asia are changing course in the middle of the way and heading to Europe. For most of the year, gas was supplied to consumers in China, Japan and South Korea. Now the storage facilities in these countries are full, and LNG owners are deploying vessels to make money on high gas prices in Europe, writes the Financial Times.
Earlier, the jump in gas prices occurred against the background of the news that gas pumping through the Yamal - Europe pipeline going through Poland first stopped, and then turned in the opposite direction. The reason for the rise in quotations could also be a cold snap in Europe and uncertainty with the launch of the Nord Stream — 2. The situation in Europe is difficult now — gas storage facilities are filled only by 58.26% against 78.47% in the corresponding period last year, according to data from Gas Infrastructure Europe (GIE) on December 21.
On December 20, the head of the Operator of the GTS of Ukraine, Sergey Makogon, complained that there was no increase in gas transit from Russia, even despite the sharp increase in gas prices in the European Union, as well as the available free transit capacities in Ukraine and the statements of the Russian leadership that supplies to the EU were increasing. "The conclusions are obvious — the blackmail of Europe continues in order to certify Nord Stream —2 as quickly as possible," he concluded.
In response to the accusations, Russian President Vladimir Putin said that Gazprom supplies the entire volume requested by counterparties under existing contracts. "And not only the entire volume, but also increased deliveries by almost 12% or 20% to non-CIS countries. It also increases to Europe as a whole. In my opinion, this is generally the only global company that behaves like this," Vladimir Putin said during the annual press conference.
The President also commented on the rise in gas prices in Europe. "We told you not to destroy long-term contracts. No, the European Commission kept telling us, "we need to switch to market relations, the market will regulate." Here he adjusted - more than two thousand dollars for one thousand cubic meters. Please shave, take it," Putin summed up.
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