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Friday, February 3, 2023

Gas prices retreat with supplies; unaffected by Ukraine crisis

EconomyGas prices retreat with supplies; unaffected by Ukraine crisis

Moscow (Times Of Ocean)- The price of natural gas in Europe fell 12% from Friday’s closing price of €131 per megawatt-hour to €115 on Monday.

The prices of natural gas for April futures contracts on TTF, the Netherlands-based virtual natural gas trading point, hit historical levels on March 7 by hitting €345 per megawatt-hour.

After the invasion of Ukraine by the Russian military, gas prices have retreated from record highs as the gas infrastructure and flows to Europe have not been affected.

‘Gazprom supplies Russian gas for transit through Ukrainian territory as per normal, in accordance with requests of European consumers – 109.5 million cubic meters as of March 14,’ the spokesman of Russia’s gas giant, Gazprom, Sergey Kupriyanov said on Monday.

The Russian president made similar comments during a meeting with government members last week.

Vladimir Putin said that Russia is fulfilling all its obligations to provide energy to Europe, declaring that the natural gas pipeline via Ukraine is operating at full capacity.

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