US economy

Russia seen starting to fill Europe's gas storage after Nov. 8



© Reuters. FILE PHOTO: Russia’s President Vladimir Putin attends a session of the annual Valdai Discussion Club in Sochi, Russia October 21, 2021. Sputnik/Maksim Blinov/Kremlin via REUTERS /File Photo

MOSCOW (Reuters) -President Vladimir Putin on Wednesday told the head of Kremlin-controlled energy giant Gazprom (MCX:), Alexei Miller, to start pumping into European gas storage once Russia finishes filling its own stocks, which may happen by Nov. 8.

Gas markets in Asia and Europe have sky-rocketed this year, with benchmark Dutch gas hub spot prices jumping by 365% since the start of the year, fuelled by low inventories and surging demand as economies recover from the COVID-19 crisis.

“As soon as we finish pumping (gas) into the UGS (underground gas storage) in Russia, we will start pumping our Gazprom’s gas into European UGS,” Miller told Putin.

The Russian president said this would improve the situation on the European energy market.

Miller also told the televised government meeting that Gazprom would reach the planned level of more than 72.6 billion cubic metres (bcm) of gas in domestic storage by Nov. 1, and would completely finish filling inventories by Nov. 8.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.