Traders expect high European gas prices to continue in coming years
14:09 26.07.2022 2852
Natural gas prices in Europe will remain high in the coming years amid continued supply shortages, traders believe, Interfax reports.
Gas futures for delivery in a year and two are trading at 134 euros and 82 euros per megawatt-hour, writes the Financial Times. These are close to record values. At the same time, until last summer, futures for a decade cost less than 40 euros per megawatt-hour.
Gas prices in Europe jumped in June on expectations of the termination of supplies from Russia via the Nord Stream 1 gas pipeline. After the completion of the repair work, deliveries resumed, but market participants continue to fear disruptions in the future, which supports quotes at record highs, the FT notes.
"We might get through winter 2022 and winter 2023 without much loss if we're lucky, but then things get worse with each subsequent winter," the Secretary General of the International Group of Liquefied Natural Gas Importers (GIIGNL) Vincent Demury said.
In his opinion, the only chance for Europe is connected with the conclusion of long-term contracts for the supply of LNG from Qatar and the United States and with a gradual reduction in dependence on the spot market.
The current situation increases the likelihood of a recession in Europe. For example, the German economy could fall by 5-6% next year in the event of a cessation of supplies via Nord Stream 1, Deutsche Bank analysts believe.
OPEC will be headed by a representative of Kuwait from August
At an extraordinary meeting of OPEC, the ministers elected a new secretary general of the organization – from August 1, 2022, Haitham Al-Qais from Kuwait was elected for a period of three years, Interfax reported.
President of Turkmenistan outlined the priorities for the development of the country's gas industry
Last Wednesday, President of Turkmenistan Gurbanguly Berdimuhamedov held a meeting in the administrative center of Lebap velayat, at which he heard reports from the heads of the country's fuel and energy complex and defined the tasks of developing the gas industry for the future, the State News Agency of the country reports.
Turkmenistan is one of the three leaders in the supply of gasoline to Uzbekistan
In January-November 2021, Uzbekistan imported 141.2 million liters of motor gasoline from Turkmenistan. This was reported by the State Statistics Committee of Uzbekistan. Thus, Turkmenistan ranks second in the supply of motor gasoline to the neighboring country.
Over 320 billion cubic meters of Turkmen gas supplied since the start of operation of the Turkmenistan-China gas pipeline, – CNPC
Since the opening of the transnational Turkmenistan-China gas pipeline in 2009, over 320 billion cubic meters of Turkmen gas have been exported to the Celestial Empire. General director of the branch of the National Petroleum Corporation of China (CNPC) Chen Huailong stated this, the Watan news program of the Turkmen television reported.
New gas resources discovered in Lebap region of Turkmenistan
In the territories adjacent to the Malay and Nayip gas fields in the Lebap region of Turkmenistan, a new dome was discovered in the lower layers of the Northern Dervush and Malay fields. Chairman of the State Corporation «Turkmengeology» Merdan Rozyev reported this to President Gurbanguly Berdimuhamedov at a working meeting in Turkmenabat, the State Television and Radio Broadcasting of Turkmenistan reported.