Russia has cut gas supplies to about Europe by a third, and Slovakia is starting to fill its storage tanks
Gas supplies from Russia have been falling slightly since the middle of this week. While on the first days of April more than 90 million cubic meters of gas were transported from Russia to Slovakia via the Great Kapušany, currently just over 63 million cubic meters.
We do not send any gas to Ukraine
According to information released by Eustream, almost 62 million cubic meters are planned to arrive in Slovakia on the first day of next week.
Furthermore, Slovakia does not send a cubic meter of gas to Ukraine during the April days. The last time gas flowed through the Vojany – Uzhhorod gas pipeline was in March, when about 2.6 volumes of cubic meters of gas flowed through the military gas pipeline every day.
End of heating season
Europe is already preparing for the war in Ukraine to stop gas supplies from Russia. The Ministry of the Slovak Republic wants to intensify the supply of LNG liquefied gas in Slovakia, as we are almost one hundred percent dependent on Russian gas supplies.
Economy Minister Richard Sulík claims that he monitors gas and oil supplies from Russia on a daily basis and then takes measures so that Slovakia does not experience a shortage of gas or oil.
From the first day of April, gas storage tanks also started to fill, as the heating season officially ended on the last day of March.
Good news for drivers, rising petrol and diesel prices should end soon
Fuel prices at Slovak filling stations should no longer rise. As 365th Bank analyst Jana Glasová told SITA, due to a slight drop in oil prices compared to two differences, prices at our pumps will stabilize and will increase significantly next week.
Release of oil stocks
“The further rise in oil prices on the world market is also likely to be a limited agreement between countries on the release of oil reserves from strategic reserves. However, further developments will also depend on how the war develops in Ukraine and whether the EU will also impose sanctions on Russian oil imports, “Glasová added.
According to the data of the Statistical Office of the Slovak Republic, on the three days of this week, the prices of petrol and diesel increased significantly on a weekly basis.
A liter of 95-octane gasoline was sold at an average price of 1,758 euros and its price increased by 3.4%. The price of 98-octane gasoline found 1,951 euros per liter and compared to the week before, thus decreased by 2.5%.
Oil prices break records
Diesel rose the most, adding 3.5% on a weekly basis to € 1.725 per liter. “For the first time, diesel prices have exceeded 1.70 euros per liter,” Glasová added.
In the year-on-year comparison, we pay a significant extra for petrol and diesel. Gasoline 95 is about 30% more expensive than last year and gasoline 98 by 26%. However, the most significant year-on-year growth is recorded in diesel, which is up to 47% more expensive than last year.
While at the beginning of this year, Brent oil prices were still hovering around the level of 80 US dollars per barrel, after the outbreak of war in Ukraine began to rise sharply and reached the range of 110 to 130 million per barrel.
Countries have joined forces to fight the rise in prices
But over the past two weeks, black gold prices have been falling steadily, ranging from 100 to 108 million a barrel this week.
“The decision of the International Energy Agency (IEA) to release 120 million barrels of oil from its strategic reserves has been signed. “Half of this volume should be released by the USA and the other half by other member states,” Glasová explained. In addition to providing these 60 million barrels, the US has previously announced the release of another 120 million barrels from its reserves. In total, the US will release up to 180 million barrels.
“This agreement between the IEA member states, which also includes the USA, is likely to slow down the growth of oil prices on the market in the near future,” Glasová concluded.
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