As the Ukraine gas transit agreement nears its expiry, the Russian president meets with Slovak Prime Minister
Pavel Zarubin, a Russian TV presenter, said that Russian President Vladimir Putin and Slovak Premier Robert Fico met in the Kremlin Sunday. The meeting took place as a contract for Russian gas transiting through Ukraine is nearing its expiration date. Fico criticised the Ukrainian president Volodymyr Zelenskiy for refusing a contract extension that expires in the next year. In a video that was posted by Zarubin on Telegram, Kremlin spokesperson Dmitry Peskov said that the discussion would be centered on the gas transit and current international situation. He stated that the Kremlin Meeting was arranged "a couple of days ago".
Orban: Hungary is in talks with Ukraine about Russian gas deliveries via Hungary
Viktor Orban, the Prime Minister of Hungary, said that Hungary was in talks with Russia, Ukraine and other countries to keep open gas deliveries via Ukraine, even though it imports Russian gas via Turkstream. The pipeline via Ukraine is one of the main Russian gas routes into Europe. However, it will close at the end this year because Kyiv doesn't want to extend the five-year transit deal that brings gas to Slovakia and the Czech Republic. Orban said in a press briefing: "We're now trying to pull off the trick... Orban stated that talks are ongoing…
Prices rise on increased demand for electricity and uncertainty about Russian flows
Dutch and British wholesale prices for gas rose on Friday, as a result of a surge in demand from power plants and a decrease in wind speed. There is also uncertainty over Russian gas supplies to Europe due to the imminent end of the Ukraine transit agreement. The benchmark contract for the Dutch TTF hub rose by 0.30 euros to 43.58 euro per megawatt-hour (MWh), which is $13.68/mmBtu by 0955 GMT. Meanwhile, the contract for the next day was up 0.75 euros at 43.40 euro/MWh. The day-ahead contract in Britain was 1.2 p higher, at 107.60 pence per therm.
Germany waives gas storage fees outside of the country starting Jan. 1, 2025
The German lower house of Parliament passed on Friday a change in energy law that will waive the domestic market storage fee at border points and virtual trading centers, effective Jan. 1, 2025. This will free foreign consumers from a costly element of price. Parliament approved the law change based on its incompatibility with European energy solidarité and to help south-western neighbors diversify their gas supply away from Russian gas. The levy that Trading Hub Europe (THE) charges domestic gas consumers will increase by 20%, to 2,99 euros per megawatt-hour (MWh), on January 1, 2025.
Hungary: US exemption of gas payments from Russia Gazprombank sanctioned
In a video on social media, Hungarian Minister of Foreign Affairs Peter Szijjarto stated that the United States had granted exemptions for gas payments from the sanctions they imposed against Russia's Gazprombank. The U.S. implemented sanctions against Gazprombank in November, creating a barrier for European gas buyers. Gazprombank was used by buyers to pay for their purchases. Hungary, which relies primarily on Russian oil, gas and other energy sources, requested an exemption from the U.S. These countries, including Turkey and Slovakia, are seeking clarifications and alternatives to pay for the U.S. Gazprombank sanctions.
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier. The Nord Stream gas pipeline, which was destroyed in 2022, cut off a major artery of Russian gas exports. Now one of the last main Russian gas routes…
Prices for European gas rise as renewed Russian focus on gas is renewed
The Dutch and British wholesale gas price rose on Tuesday afternoon due to renewed concerns about Russian gas supplies to Europe starting in January. By 1505 GMT the benchmark front-month contract for the Dutch TTF hub had risen 1.87 euros to 41.83 euros/MWh, or $12.87/mmbtu. This was a continuation of the gains made in the morning. It fell to 39.10 euros/MWh intraday on Monday, its lowest since November 6. The front-month contract in Britain firmed up by 3.85 pence, to 104 pence/therm. Meanwhile, the day-ahead contract increased 3.75 pence, to 100.8 pence/therm.
Azerbaijan: OPEC+ may consider a rollover of oil cuts at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Shahbazov told Baku that the issue of continued oil production cuts could be raised at the meeting. "OPEC+ may or may not discuss oil production rollover during its next meeting. He added that it is hard to make a prejudgment. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. This group will meet on December 1.
Azerbaijan: OPEC+ may consider oil reduction rollover at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. This group will meet on December 1. OPEC+ has already postponed a plan for a gradual increase in production this year by several months due to falling prices, weaker demand, and increased production outside of the group.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe, after Gazprom lost most of its European customers in the aftermath of the Russian invasion of Ukraine. Russia was Europe’s largest natural gas supplier before the war. OMV announced on Nov. 13, that it had won a German arbitration case against Gazprom in Germany for 230 millions euros ($239million) in relation to irregular supplies to the German unit.
EUROPE GAS prices near a one-year high due to concerns about Russian supply and cold weather
The Dutch and British wholesale gas prices reached their highest intraday levels in almost a year on Thursday, amid concerns about Russian gas supply. Austrian energy group OMV said that an award of over $243 mln for irregular German gas supplies by Gazprom may impact its Gazprom gas supply agreement. The benchmark front-month contract for the Dutch TTF hub increased by 1.71 Euros at 45.38 euro per megawatt hour at 0903 GMT. This was its highest intraday value since November 27 last year. The Dutch day-ahead contracts added 1.72 Euros at 45.45 euro/MWh. This is its highest intraday value since November 24.
The price of gas in Europe is falling amid profit-taking
The Dutch and British wholesale gas prices fell on Wednesday morning as profit-taking and Slovakia's SPP announced that it would take measures to guarantee supply because of the risk of Ukraine ending its transit at the end the year. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 0.10 euros to 43.45 Euro per megawatt hour at 1025 GMT. The Dutch day-ahead contracts fell 0.55 euros to 43.15 Euros/MWh. The British contract for the month of December dropped by 2.20 pence, to 110.50 cents per therm.
Italy's Lombardy will award two hydroelectric plant contracts by 2025
The local administration announced on Wednesday that the northern Italian region of Lombardy would award concessions to two small hydroelectric plants within its territory before the end of the next year. According to the region, the auction has attracted mostly Italian bidders. This could allow newcomers access to the capital-intensive industry. Five Italian bidders including ACEA Produzione, Ascopiave Group and the Italian subsidiary BkW Hydro, submitted bids to purchase a 4 Megawatt (MW), currently operated by A2A. Four Italian groups including ACEA Produzione…
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports and Ukraine's energy shortages before winter, as well as how to balance energy costs across member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban. Belgium and the Netherlands saw a dramatic increase in imports since then. In a Monday letter, France and nine countries asked the European Commission for stricter reporting requirements on Russian LNG (liquefied natural gases) to storage companies and suppliers.
Minister: German natgas supplies secure without Ukraine transit
The German Economy Ministry said on Tuesday that Germany's and neighbouring countries' natural gas supplies are safe even if the transit through Ukraine was cut off. The ministry stated that Germany's terminals for liquefied gas (LNG), even those without access to the coast, are an insurance against a natural gas shortage, including in countries outside of Europe. Ukraine informed Slovakia Monday that they will not be extending their gas transit agreement between Russia and Ukraine after its expiration at the end 2024. Slovakia, Austria, and Hungary still receive a large proportion of their gas via this route despite the conflict in Ukraine.
Ukraine's Shmyhal talks energy security with Slovakian Fico
Denys Schmyhal, Ukrainian Prime Minister, began Monday talks with Robert Fico of Slovakia. He said the discussions would be centered on infrastructure co-operation, energy security and Kyiv’s peace plan. Fico, along with the Hungarian prime minister Viktor Orban, has been a strong critic of Western military assistance to Ukraine. The location of the meeting was not immediately known. "We will discuss the roadmap" Included in this is cooperation on infrastructure projects, economy and energy security. Shmyhal, on Telegram Messenger, said that Slovakia has always been willing to assist Ukraine in importing electricity.
Slovakia has a strong interest in ensuring transit of Russian gas and oil via Ukraine
Robert Fico, the Prime Minister of Slovakia, said that the country has a great interest in continuing the flow of oil and gas from Russia through Ukraine to the West. He added that the European Commission was putting pressure on the country to stop these supply flows. Fico said to reporters that the Slovak government and Ukrainian cabinet would meet on Monday. Due to Ukraine's ongoing war against Russia, the central European nation faces disruptions in its key Russian energy supply. Ukraine has said that it will not renew its gas transit agreement with Russia by the end of this year.
Slovak gas buyer SPP continues to talk about extending Ukraine transit
SPP's Chief Executive Vojtech Ferrencz stated on Thursday that the Slovak government-owned gas buyer SPP continues negotiations with Ukraine to extend the gas transit contract after Kyiv’s contract with Russian gas supplier Gazprom expires in the next few months. Ukraine has stated that it does not wish to renew the transit agreement, but certain central European countries depend on Russian gas delivered via pipelines which cross the country. They have secured an exemption from the European Union's ban on Moscow’s gas imports. SPP has taken a lead in attempting to keep transit open, despite Russia's conflict with Ukraine.
How Much Oil Does the EU Import from Russia?
The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months. It excludes deliveries via the Druzhba oil pipeline which supplies refineries in Eastern Europe and eastern Germany.Yet many European buyers have voluntarily suspended purchases of Russian oil or announced plans to phase it out, which means Russian oil…
Gas Prices Soar in Europe on Tight Russian Supply
European gas prices soared more than 30% on Tuesday as low supplies from Russia reignited concerns about an energy crunch as the region heads for colder weather.A key pipeline which normally delivers gas from Siberia to Europe continued to work in reverse on Tuesday, traders said, sending flows from Germany to Poland, while supplies of Russian gas from Ukraine to Slovakia were also subdued.Russian energy exports have been in the spotlight amid the country's broader standoff with the West , including over its tensions with neighboring Ukraine…
