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The gas price in Europe jumped after Gazprom's decision


November, 02 2021
watermark Economic news

Gazprom announced that it had not booked additional capacity for transit through the gas transportation system of Ukraine in the first and third quarters of 2022. After this news, gas prices in Europe jumped by more than 4% to $814 per thousand cubic meters. Gazprom also did not book additional capacities through the gas pipeline through Poland.


On November 1, the daily transit of Russian gas through Ukraine fell by more than a third compared to the level of October 1. Ukraine reported that the volume of pumping decreased by 34%, to 57 million cubic meters per day. In total, Gazprom pays for transit capacities of 109 million cubic meters.


Earlier in October, the cost of gas in Europe fell by more than 10% after Russian President Vladimir Putin instructed Gazprom to start planned work on pumping gas into European storage facilities. The head of the energy company Alexey Miller said that Gazprom is ready to start additional supplies to Europe after November 8, when the storage facilities in Russia will be filled.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.