Gas in Europe is on the rise again on Monday as deep cuts in Russian flows to the Old Continent slow down the filling of storage facilities, with the risk of falling below the levels needed to meet the needs of businesses and households. next winter, as reported by Bloomberg.
Gas futures in the Netherlands started the week with a mini jump of 6.9%. Buyers are finding it harder to replace Russian gas with supplies from other sources, after Europe’s main supplier cut 60% of flows to the rest of the continent by 60% in June.
The situation is deteriorating as the Nord Stream pipeline – the largest such interconnection between Russia and the European Union – is expected to be completely closed for maintenance work in July. German Vice Chancellor and Economy Minister Robert Habeck said he was not at all sure that Russia would resume gas supplies after the work was completed, opening a window for further price increases and a cap on permitted consumption in the run-up to winter.
The filling of storage spaces is absolutely necessary in Europe in order to “get out” in the winter, when the demand for heating is skyrocketing. The EU-27 energy ministers are currently discussing preparations for the possibility of new gas supply shocks at a meeting in Luxembourg. The Commission will present in July a proposal on how the bloc could reduce demand.
The Dutch gas contract was recorded at 11 a.m. on Monday morning (Greek time) an increase of 3.5%, to 133.03 euros per megawatt hour, while last week it recorded an increase of 9.1% on a weekly basis.
Source: Capital

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