Russia has not yet increased gas exports to Europe through the exchange
The vice-president of the St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) Anton Karpov said at a briefing at the Gas of Russia 2021 forum.
According to him, now trading on the exchange with gas for export is not legally allowed. Therefore, SPIMEX is engaged only in trading with delivery to the domestic market. Here we strive to increase liquidity, develop tools. “Currently, we are also working to create a common EAEU gas market,” Karpov said.
Back in the first peak of growth in gas prices on the European exchange, Deputy Prime Minister Alexander Novak made a speech at a meeting with Russian President Vladimir Putin with an initiative to increase gas supply on the market through the St. Petersburg exchange in order to bring down the rush demand. Now gas quotes on European stock exchanges have decreased, but they continue to remain at close to the maximum values - above 1,500 per thousand cubic meters. At the same time, the average price of Russian gas under long-term contracts in the fourth fourth year is about $ 360 per thousand cubic meters.
Gazprom has an exchange platform for trading gas with foreign buyers; it also did not break records, but this year not the largest volumes of blue fuel passed through it.
Gas trading at SPIMEX is still needed so that various Russian companies can buy small volumes, and not for full-fledged pricing, says Finam analyst Sergei Kaufman. The volumes that pass through it are small compared to the total consumption of blue fuel in our country. By contrast, European hubs aim to organize a free market and conduct pricing. As long as the goals of these trades are different, there is no point in linking them firmly. The transfer of European consumers to the Russian stock exchange would simply lead to a surge in prices on it, since the problem of supply and demand from changes in the trading platform has not gone anywhere.
A similar opinion was expressed by Artem Tuzov, Executive Director of the Capital Market Department of IC “Univer Capital”. Effective exchange trading is possible with a significant number of both buyers and sellers. So far, Gazprom is a service provider for export pipeline gas from Russia. The binding of prices to the European gas hub (gas distribution center through which gas is supplied after the bidding – RG) could remove this problem, but others will appear. Buyers will not be motivated to come to SPIMEX if they receive the same price there as at a gas hub in Europe. Gazprom, as the only supplier under such contracts, will be accused of manipulating volumes, the expert said.
From his point of view, the volume of Russian gas. Gazprom is ready to provide as much gas as consumers need under long-term contracts. If users choose to look for an alternative in the form of other suppliers, they get a rise in prices – this is their fault. Under the slogan of non-market pricing of Gazprom, EU policy has created an artificial speculative environment for energy trading, which has sharply increased the volatility of gas prices, Tuzov said.