 |
Louisiana Light • 2 days | 87.12 | +0.63 | +0.73% | ||
|
Bonny Light • 2 days | 88.40 | -0.92 | -1.03% | ||
|
Opec Basket • 2 days | 88.39 | -0.06 | -0.07% | ||
|
Mars US • 175 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 1 hour | 2.765 | +0.006 | +0.23% |
|
Bonny Light • 2 days | 88.40 | -0.92 | -1.03% | ||
|
Girassol • 2 days | 89.03 | -0.87 | -0.97% | ||
|
Opec Basket • 2 days | 88.39 | -0.06 | -0.07% |
|
Peace Sour • 16 hours | 76.77 | +0.76 | +1.00% | ||
|
Light Sour Blend • 16 hours | 79.82 | +0.76 | +0.96% | ||
|
Syncrude Sweet Premium • 16 hours | 86.77 | +0.76 | +0.88% | ||
|
Central Alberta • 16 hours | 77.17 | +0.76 | +0.99% |
|
Eagle Ford • 2 days | 80.05 | +0.76 | +0.96% | ||
|
Oklahoma Sweet • 2 days | 80.00 | +0.75 | +0.95% | ||
|
Kansas Common • 2 days | 73.75 | +0.75 | +1.03% | ||
|
Buena Vista • 3 days | 87.23 | -0.55 | -0.63% |
Breaking News:
Trafigura: EVs, AI And Clean Energy to Massively Boost Copper Demand
The electric vehicle, Artificial Intelligence,…
The Global Economic System is Reaching Its Limits
The world's economic myths, especially…
Nord Stream 2 Operator Begins Gas Tests
Nord Stream AG has started feeding gas into the same-name pipeline to run tests as part of pre-commissioning preparations.
"The first string will be filled gradually to build the required inventory and pressure as a prerequisite for later technical tests," said the Swiss-based company as quoted by Reuters.
Meanwhile, in a separate report, Reuters revealed that Germany had approached Nord Stream 2 for assurances that it would meet all regulatory requirements when it enters into operation. This may be an indication that Germany is close to approving the politically charged piece of infrastructure.
"The Federal Network Agency today requested Nord Stream 2 AG to provide information and, if necessary, evidence that all regulatory requirements will be met in the context of operating the pipeline," the German Federal Network Agency—the watchdog for electricity and gas markets, among others—said in a statement cited in the report.
The controversy around Nord Stream 2, which initially centered on the fact that with it more Russian gas will bypass Ukraine, has now shifted to accusations that Moscow is using—and even causing—the energy crunch to force Germany into approving the new project. Gazprom has struck back, saying it is delivering exactly as much gas to the EU as is stipulated in their long-term contracts.
The United States is also against the project, fearing a deepening EU dependence on Russian fossil fuels. In 2019, Washington slapped sanctions on Nord Stream 2 and threatened to sanction the European partners in the project. Since then, the tone has mellowed somewhat, but not a lot. Russian pipeline gas remains the biggest competitor for U.S. LNG, along with Qatari LNG.
The 1,200-km, $111-billion pipeline will have the capacity to send 55 billion cu m of natural gas from Russia to Germany annually once it gets all necessary approvals.
By Irina Slav for Oilprice.com
ADVERTISEMENT
More Top Reads from Oilprice.com:
- WTI Crude Oil Price Hits 7-Year High
- The Real Reason OPEC+ Refused To Boost Production Further
- Natural Gas Stocks To Watch As The Energy Crisis Goes Global
Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
The EU could have issued a temporary operational licence for Nord Stream 2 to enable it to bring additional Russian gas supplies much earlier instead of wasting more than a month since the completion of the gas pipeline before the German energy regulator will start to run tests as part of pre-commissioning preparations.
Taking a stab at Russia is one way the EU is trying to shift the blame for the crisis from itself to Russia.
However, the truth is that Russian gas giant Gazprom has fulfilled its contractual obligations to the EU and no one in Europe is disputing that. In fact Gazprom’s exports to the EU rose by 23.2% between January and July this year. These figures prove the absurdity of accusing Gazprom of supply shortage. If the EU misjudged the gas market and didn’t order more Russian gas, it can’t blame Gazprom for its misjudgement.
If the EU wants more gas supplies, then the onus is on it to stop playing politics with Nord Stream 2 and facilitate the immediate issuing of a temporary operational licence for it.
The overwhelming majority of Europeans know that the United States’ continued opposition to Nord Stream 2 has very little to do with the EU’s energy security and far more to do about selling US LNG to the EU.
The truth of the matter is that Russian piped gas supplies are far cheaper than US or Qatari LNG.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London