• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 16 mins Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 2 days Delta variant in European Union
  • 3 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 10 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 23 hours Сryptocurrency predictions
  • 3 days NordStream2
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
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

Gas Prices Plunge After Gazprom Says It Starts Sending Gas Into European Storage

  • Gazprom, On Tuesday, started implementing a plan to send natural gas into five storage sites in Europe
  • Gas prices in Europe plunged on Tuesday after spiking on Monday

Russia’s gas giant Gazprom said on Tuesday it had approved and started implementing a plan to send natural gas into five storage sites in Europe, sending European gas prices down today after a spike on Monday.

The volumes and the transportation routes for the gas flows have been determined, Gazprom said in a brief statement, easing concerns on the market and sending prices lower on Tuesday morning.

Natural gas prices at the Dutch TTF hub, the benchmark for European gas, traded 2 percent lower early on Tuesday, “with data signaling an increase in Russian gas flows via Ukraine to Slovakia. Also the Mallnow link via Poland has seen a small pickup,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

On Monday, natural gas prices at the key European hubs surged as no additional Russian supply was flowing to Europe at the start of this week.

Russia had signaled at the end of October that Gazprom would start filling its storage sites in Europe within days.

Russian President Vladimir Putin told Gazprom’s CEO Alexei Miller on October 27 that as soon as the Russian gas giant completes filling Russia’s underground storage by or on November 8, “I would like you to start consistent and planned work on increasing the amount of gas in your underground depots in Europe – in Austria and Germany,” per the English translation on the Kremlin website.

On November 8, there was no sign that Gazprom would boost natural gas deliveries to Europe, which sent prices soaring again.  

The Kremlin doesn’t see “any violations of the order given by Russian President Vladimir Putin to increase gas injection into underground storage facilities in Europe, but the questions should be addressed to Gazprom, Russian Presidential Spokesperson Dmitry Peskov said on Monday,” Russian news agency TASS reported on Monday. 

On Tuesday, gas flows on the Yamal-Europe pipeline were flowing again to Germany, after more than a week of reverse flows eastward to Poland or stop of the flows, according to German data cited by Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

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