According to Russian agencies, the price of gas in Europe has reached its all-time high, surpassing the $ 585 per 1,000 cubic meter mark just after Russia's decision to acquire only 4% of the additional gas transit capacity offered. by Ukraine for September.
This as natural gas prices in Europe were already reaching record highs in the face of increased demand and lower than usual storage levels, causing concerns for the coming winter.
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Under the current contract, Gazprom is to ensure the transit of 40 billion cubic meters annually through Ukraine.
Gazprom then purchases additional capacity, if necessary.
Usually, Russia buys a significant amount of additional transit capacity, when its pipelines bypassing Ukraine pump gas to Europe at full capacity.
But one of the main Russian gas pipelines joining Germany, the Yamal-Europe, is currently only operating at very reduced capacity after a fire in a gas processing plant in early August.
On Monday, at the arrival point in Mallnow, less than half of the volume was arriving compared to before the incident.
Russian exports diminished
In comments to AFP, news provider Platts said gas prices in Europe are due in part to increased demand after a cold winter and a decline in other sources of supply. "
Russia is now the only country that could have excess production, but to increase its exports, it would have to reserve additional capacity through Ukraine,
" they say.
“
A drop in flows at Mallnow has reduced Russian imports by 30-45 mcm / d since July 31.
Although Gazprom's deliveries have historically been reliable and issues were resolved quickly and we expect flows to return to above 80 mcm / d later this month, Gazprom's strategic evolution to focusing on value versus volume in 2020-2021 could lead to lower flows for longer
, ”Platts adds.
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Some observers accuse Moscow of stepping up the pressure and of remaining deaf to European demands to increase deliveries pending the commissioning of the controversial Nord Stream 2 gas pipeline.
