Russia maintains control over the European gas market
So far there is no sign that the continent is any relief
Russia maintains control of the European gas market despite Putin’s pledge, reports Bloomberg.
Russian President Vladimir Putin promised Europe more gas from Monday. So far, there is no sign of any relief on the continent.
German orders for gas through a key Russian pipeline showed a very small increase in supply on Monday, while at auctions on Sunday. This is disappointing for traders who expect Gazprom to follow Putin’s instructions to ease the supply crisis.
Of course, Gazprom can reserve additional capacity at the upcoming daily auctions, as well as offer additional volumes on the electronic sales platform on Monday.
European prices, which fell after a peak about a month ago, will rise again on Monday. Without the promises made by Putin, there are fears that the market could skyrocket again as stock levels on the continent are well below normal when the winter heating season begins.
