The wholesale price of natural gas rose to its highest level in 14 months after Russian supplies stopped flowing to the rest of Europe via Ukraine.
Reference prices increased on Thursday at the highest level from October 2023one day after the end of the long-term contract between them of Russia and her Ukrainian. Russian deliveries of natural gas through Ukraine were terminated in the early hours of New Year’s Day.
Traders expected the loss of Russian natural gas, with no alternativeand were watching closely to see if this would lead to faster withdrawals from storage facilities.
The price of natural gas for February delivery in the Netherlands rose to 4,3% on Thursday, before retreating and forming against 1,9% higher in 49.83 euros (£41.44) per megawatt hoursit reported Bloomberg.
The “stock” across Europe is already declining at a faster rate than in 2021. In a social media post, Zelensky called the end of the transit deal “one of Moscow’s biggest defeats.”
Russian gas has flowed through Ukraine for decades, mostly through a Soviet-built pipeline that runs from Sunja. The Minister of Energy of Ukraine, German Galuschenkodescribed the cutoff as “historic.” He said it would force countries across Europe to become independent from Russian gas supplies.
However, the termination of the supply of natural gas, which, according to the Russian Gazpromnoted at 8 A.M. Moscow time (5 a.m. Greek time) on Wednesday, immediately led to power outages for hundreds of thousands of people in Transnistria.
The Prime Minister of Slovakia, Robert Fitzowho had lobbied against the decision to end gas transit through Ukraine, said it would have “a drastic impact on all of us in the European Union, but not on Russia”.
Analysts at Deutsche Bank said: “It’s worth bearing in mind that prices are still well below levels seen throughout 2022. But European gas inventories closed 2024 at their lowest year-end levels of the past three years and the recent rise in prices is set to add further inflationary pressures.”
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