“Ukrainian gas storage injections hinge on price, not geopolitical risk – traders,”

wrote the ICIS energy news site on the impact of the Russian military threat to eastern Ukraine. “European gas companies will consider storing gas in Ukraine depending on summer-winter spreads irrespective of the evolution of the Ukrainian-Russian military tensions,” read the analysis. With today’s summer-winter price gap 85% lower than last year, traders said they did not see much incentive to store gas. One trader noted that the bulk of Ukraine’s 12 underground storage areas – largely depleted gas fields – are in Western Ukraine.