Oil & Gas

30 Oct 2021

Energy Crisis: The Price of Natural Gas in Europe has Plummeted Due to Putin’s Big Announcement

30 Oct 2021  by   
As already In our evening article We pointed out: a day later Putin entered It turned out: The European Directorate General for Competition has once again started sniffing around Gazprom’s house, looking for signs of possible market manipulation and abuse of market dominance.

The An assumption That Gazprom-owned gas storage facilities in Germany and Austria were deliberately filled It also caused concern in the gas market (only 77% of the European average storage capacity is due to low German storage instead of the usual 90%), which pushed up prices. Of course, skepticism is overshadowed by the fact that Russia consumes a lot of gas at home, and Gosprom has officially prioritized filling its storage facilities, so it has not yet increased its supply to its European storage facilities.

However, a day after announcing the gas market questionnaire sent by the commission at a public meeting in Russia, Putin now instructed the head of Gazprom: Once it finishes filling its storage facilities in Russia (by November 8), start increasing the supply of European gas to Gazprom’s storage facilities in Germany and Austria (and more).

The first banners about this appeared on Reuters at 6:30 last night, when the Dutch were still trading at 88 euros / MWh. TTF gas exchange For the November deal and the last minutes of trading (until 6pm), the price was already below 85 euros, and then the break continued from 8am this morning to 12.5% to 76.5 euros. Since the first headline of Putin’s announcement, now we can talk about the 13% split.


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