• 3 minutes The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 12 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 3 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 2 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
Gasoline Prices May Have Finally Peaked

Gasoline Prices May Have Finally Peaked

Sky high oil prices pushed…

Truckers Are Facing An Existential Crisis As Fuel Prices Soar

Truckers Are Facing An Existential Crisis As Fuel Prices Soar

Owner-operators in the transportation industry…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Natural Gas Prices Plunge As Putin Promises More Supply

  • Front-month Henry Hub gas prices fell along with TTF benchmark prices on Wednesday after Russian President Putin promised that his country would send more natural gas to Europe
  • Putin: current energy market crisis is the result of ''unbalanced decisions''

Natural gas futures mercifully slipped 10% on Wednesday after Russian President Vladimir Putin promised that the gas-rich nation would send more natural gas to Europe.

Gas prices are still twice as high as they were last month.

On Tuesday, natural gas futures had settled at a high not seen in more than a decade.

But Putin said Russia could send more gas to Europe via Ukraine—even more than contracted—and are set to hit a record this year.

Russia's state-run gas giant, Gazprom, has come under fire in recent weeks for failing to send as much gas to Europe as analysts have alleged it could.

Russia has denied that this is the case.

Putin also took the opportunity to blame the high natural gas prices on Europe. What's more, Putin blamed Europe's energy market crisis on the green transition.

Putin used the phrases "unbalanced decisions" and "drastic steps" when referring to how the transition away from fossil fuels and toward renewable energy was being handled.

"Some people are speculating on climate change issues, some people are underestimating some things, some are starting to cut back on investments in the extractive industries. There needs to be a smooth transition," Putin said, according to Reuters.

"They have made mistakes," Putin said during a meeting with Russian energy officials.  Putin was quick to point out the danger of relying on the spot market in favor of long-term contracts.

Putin has long maintained that the world needs oil, gas, and coal, and that the world should be focused on responsible extraction and production.

And it is this very production that the world is now clamoring for, as winter blackouts and soaring energy prices loom, not just for Europe, but for Asia and the United States as well.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on October 06 2021 said:
    Long Royal Dutch Shell
    Strong buy

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News