Gas prices are falling in Europe

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Gas prices are falling in European markets, following losses earlier in Asia, despite a lack of information from Russia on the volumes it plans to ship to Europe next month, according to Bloomberg.

Gas giant Gazprom PJSC has again chosen not to hold extra space on pipelines to send gas westward through Ukraine as part of a monthly auction held today.

In addition, Russia did not confirm supplies for February for deliveries to Germany via the Mallnow station where the Yamal-Europe pipeline ends.

Despite the uncertainty, prices for gas futures in the Netherlands were found to fall by up to 15% on Monday. Prices followed lower spot prices in Asia.

Traders are also watching more liquefied natural gas vessels heading for Europe, as well as milder weather for the next two weeks.

In this climate, the nearest gas contract fell to a low of 73.50 euros per megawatt hour, while currently losing 12% to 76.25 euros in Amsterdam.

The corresponding British also falls 12% to 182.35 pence per thermal unit.

Last week, the International Energy Agency blamed Russia for Europe’s energy crisis, saying the country could increase supplies to European countries by at least a third of current levels using spot sales.

Responding to the allegations, Russian Deputy Prime Minister Alexander Novak said his country needed long-term contracts to boost exports.


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