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European Gas Prices Soar 10% As Russia Refuses To Open The Taps

As the cat-and-mouse game continues over Russian gas to Europe, Russian Gazprom has refused to allow more gas into Europe via Ukraine for October, sending prices soaring another 10 percent Monday. 

Russia’s move to keep flows to Europe at a minimum means the continent cannot store up ahead of the winter months. 

According to Bloomberg, European gas storage is only at 72 percent capacity--a point they have been reduced to at this time of year in over a decade. 

Gazprom has only booked approximately one-third of the Yamal-Europe pipeline’s gas transit capacity that it was offered for October, according to Reuters, citing Interfax. Simultaneously, Gazprom has taken up no extra transit capacity via Ukraine. 

At Gazprom’s Sokhranovka and Sudzha natural gas network points--both on Russia-Ukraine border--the gas giant failed to book any of the 9.8 million cubic meters per day of capacity offered.

The European natural gas price benchmark, the Dutch TTF hub, saw prices spike by more than 10 percent Monday. 

October Futures were up more than 11 percent at 10:44CT. November futures were up more than 14 percent, and December futures were nearly a 15-percent spike. 

Source: CMEGroup

The lack of bookings “will likely force a major year-on-year drop in Russian supply this winter,” James Waddell, head of European gas at Energy Aspects in London, told Bloomberg on Monday.

European lawmakers are now calling on the European Commission to investigate potential manipulation on the part of Gazrpom, which insists it is in full compliance with existing contracts. 


Gazprom blames Europe for the crisis, citing its withdrawal of 66 billion cubic meters of gas from storage in the 2020-21 period, which the Russian gas giant says resulted in the delay of new gas supplies by three weeks.

By Julianne Geiger for Oilprice.com

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  • Kay Uwe Boehm on September 21 2021 said:
    Has England stopped fracking again and no LNG terminal like Poland, Holland, France etc. with much more capacity than used if Russians turn the gas tap? There is enough gas for over a decade increase in world also ?in europe
    ?The main supplier of LNG in the world is Qatar and Iran, which is booming worldwide, and CNG in Asia & Latin America as well as in Southern Europe and Holland
  • Kay Uwe Boehm on September 20 2021 said:
    There are also gas pipelines to the south up to Aserbaidschan possible to much gas in mediterian sea from turkey, greece, zypria, israel, syria, italy etc. and fracking gas possible in england, france and FRG 2016 still main gas importer in world mainly from norway now likely china. France contracted LNT from israel for 8 billion € etc. and brown coal FRG, nuclear power france etc.
  • Kay Uwe Boehm on September 20 2021 said:
    FRG buys most gas from norway and holland there much from LNG terminal Rotterdam at all 36 LNG terminals in europe with LNG from whole world also katar, iran, israel etc. etc. and huge gas reserves in world optional fracking gas.
    Russia can deliver also oer Nordstream 1 and LNG Vladivostok or Yamal without transit like all others in world.
  • Mamdouh Salameh on September 20 2021 said:
    If the European Union (EU) wants more Russian gas supplies, it isn’t going to get them via Ukraine because Russia won’t oblige. It can easily get them via Nord Stream 2 and to do that it should issue a temporary operation licence to the newly completed gas pipeline.

    The EU needs Russia far more than Russia needs it. It can’t replace Russian gas shipments while Russia has all the choices it needs. It can easily shift its earmarked supplies to the EU to China instead.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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