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European natural gas and power prices dropped after Putin's promise to fill storage sites

Source : 112 Ukraine

Late Wednesday night, the Russian leader ordered Gazprom PJSC to focus on filling its European storage sites from November 8
14:11, 30 October 2021

Open source

European natural gas and power prices dropped after more signals from President Vladimir Putin that Russia will send extra gas to the continent next month, Bloomberg reports.

Late Wednesday night, the Russian leader ordered Gazprom PJSC to focus on filling its European storage sites from November 8, a day after it completes the process in Russia. He said the move should ease supply tightness in Europe, where high prices are squeezing industry and fueling inflation. 

Related: Ukraine has enough gas in underground storage facilities for calm heating season,- PM

Higher Norwegian gas flows and a drop in Chinese coal prices are also putting downward pressure on prices. Norway’s Equinor ASA promised on Wednesday to boost exports. Maintenance at its giant Troll field in December will be shorter than previously planned, system operator Gassco said on Thursday, also a bearish factor.

British and European wholesale gas prices fell also. The Dutch November gas price was down 6.75 euros at 77.75 euros per megawatt hour (MWh) by 0733 GMT. The British November gas price fell by 19.45 pence to 1.99 pounds/therm.

Earlier, Moldova signed a new long-term gas supply contract with Gazprom. 

"Gazprom and Moldovagaz extended the contract on Russian gas supply to Moldovan consumers from November 1, 2021 for the term of five years on mutually beneficial conditions," Gazprom said.

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