Wednesday, June 30, 2021

News that Gazprom spurned Ukraine’s offer pushed Europe gas prices yesterday over $400/1,000 cubic meters, the highest level in over a decade.

Facing high prices, Ukraine is delaying filling its storage reservoirs for this winter. Ukraine has 16 billion cubic meters in storage, 18% below the level of this time last year, Naftogaz reports. Interfax-Ukraine has warned: “The injection of gas into underground storage facilities is at a minimum, which leaves no doubt that Europe will meet the new winter with half-empty underground storage facilities.”

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July will be the third month that Gazprom holds back on shipping more gas volumes through Ukraine.

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With Europe facing a 25% cut in pipeline gas from Russia in July, Gazprom yesterday refused Ukraine’s offer to ship 50% more Russian gas to the EU in July

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