• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 33 mins "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day Wind droughts
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Europe’s Gas Prices Soar As Russian Supply Cuts Persist

  • Since June 10, the gas price at the Dutch TTF hub, the benchmark for Europe, has surged by 55%.
  • Most EU members do expect the supply situation to deteriorate further.
  • At the start of trade on Monday, European gas prices rose by nearly 7% but eased later in the day.

European benchmark gas prices jumped at the start of this week as Europe struggles to replace Russian gas losses to fill storage sites ahead of the winter.

At the start of trade on Monday, European gas prices rose by nearly 7% but eased later in the day. The significantly lower Russian deliveries to major economies, including Germany and Italy, have the EU worried it might not get enough alternative supply to fill gas storage and prepare for the winter.

EU member states are now required to reach a minimum 80% gas storage level by November 1 to protect against potential interruptions to supply. In 2023, the target will be raised to 90% full gas storage by November 1. As of June 26, gas storage in the EU was 55.7% full, according to data from Gas Infrastructure Europe, and the pace of injection into storage seems to have slowed in recent days.

Welcoming the adoption of the EU gas storage rules at the Energy Council in Luxembourg, Commissioner for Energy, Kadri Simson, said today, “It is now crucial that we press on with meeting the new storage targets and step up our preparedness in case the situation further deteriorates.”

Most EU members do expect the situation to deteriorate further. Last week, Germany triggered the second phase of its three-phase gas emergency plan as it braces up for the possibility of a complete halt of gas supplies from Russia via the Nord Stream pipeline.

Nord Stream is also slated for regular maintenance for two weeks in July, which will halt gas deliveries via the pipeline. EU members fear that the maintenance could be an excuse from Russia to further lower or completely stop supply.

Europe’s gas prices are the only commodity prices to have increased – by a lot – since the U.S. reported a higher than expected inflation on June 10, per data from Saxo Bank and the Bloomberg Commodity Subindices.

Since June 10, the gas price at the Dutch TTF hub, the benchmark for Europe, has surged by 55% due to risks of further supply shortages, while all other commodities have lost ground due to increased fears of recession, Saxo Bank’s Head of Commodity Strategy, Ole Hansen, said on Friday.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on June 27 2022 said:
    The EU will continue to pay hefty gas prices well into the future dictated by declining Russian gas supplies and its inability to replace Russian gas supplies well into the future.

    The EU’s hopes that renewables will fill the gap have been misplaced and proven totally wrong. Now, the EU countries are resurrecting coal-fired electricity plants thus retarding their energy transition ambitions by many years.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • O. Valdez on June 28 2022 said:
    It seems that western Europe will be pressed to store enough gas, before November 1st since Russia is sending much of it to Asian countries instead, now the EU is dealing with Egypt, Israeal and other countries to replace it.
    Germany was importing much of its natural gas from Russia is wrestling with how to agree with NATO and its allies by helping to arm Ukrane and at the same time go along with Russia to complete its gas pipe to prepare for November 1st.

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