• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 17 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 21 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 5 days An Indian Opinion on What is Going on in China
  • 2 days Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 5 days Storage of gas cylinders
  • 5 days Can Technology Keep Coal Plants Alive and Well?
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