Traders expect high European gas prices to continue in coming years
14:09 26.07.2022 2808
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.
President of Turkmenistan visited the world's largest gas field «Galkynysh»
On Monday, January 3, on the first working day of 2022, President Gurbanguly Berdimuhamedov made a working trip to Mary region. From Mary airport, the head of state flew by helicopter towards the super-giant Galkynysh gas field, which has colossal reserves of natural gas.
Opening of a gas turbine power plant is one of the important results of cooperation between Japan and Turkmenistan in 2021, – Ambassador
One of the important events of the Turkmen-Japanese cooperation last year was the opening of a gas turbine power plant in Chardzhev etrap of Lebap region, built in cooperation with Japan. This was stated by the Ambassador Extraordinary and Plenipotentiary of Japan to Ashgabat Yamamoto Hiroyuki in his congratulatory message to the citizens of Turkmenistan on the occasion of the New Year, which was published on the official website of the embassy.
Turkmenistan will supply Iraq with 9 billion cubic meters of natural gas per year
On Wednesday in Ashgabat, representatives of the State Concern Türkmengaz met with the delegation of the Republic of Iraq led by the Minister of Electricity Ziad Ali Fadel.
The President of Turkmenistan arrived in Tashkent to participate in the ECO meeting
President of Turkmenistan Serdar Berdimuhamedov arrived in Tashkent on Thursday on a working visit to participate in the 16th meeting of the Economic Cooperation Organization (ECO), TDH reports today.