Gas: The price in Europe is at its lowest level since the start of the war

Gas in Europe extended to Tuesday lower than the start of Russian military operations against Ukraine on February 24 amid rising temperatures and the Kremlin’s announcement that the ruble payment for Russian exports is expected only in May.

The Dutch gas contract, a benchmark for Europe, fell as much as 12% to 84 euros per megawatt-hour, the lowest level since February 23, a day before the Russian invasion of Ukraine. At 11.10 am Greek time, the May delivery contract recorded a drop of 2.724%, to 93,015 euros per megawatt hour.

On April 14, before the holidays for Catholic Easter, gas had fallen by 9.2%.

The market is following Russian deliveries, especially after Russian President Vladimir Putin said last month that countries “unfriendly” to Moscow would have to pay for Russian gas in rubles. The European Union’s legal representatives have previously given the opinion that the payment mechanism requested by Russia, by converting foreign currencies into rubles in order to make purchases, would be a violation of the EU sanctions regime against Moscow.

There is still time for Europe to pay in Russian currency “sometime in May,” Kremlin spokesman Dmitry Peshkov said on Monday. However, he did not specify whether foreign customers had opened the accounts requested by Moscow in local currency in order to continue importing Russian gas.

Temperatures above the season average in southeastern Europe will “reach” central Europe by next week, according to Maxar. This will remove some pressure from gas demand, with the exception of the Iberian Peninsula, where the weather is colder than expected for the season.

Gazprom says it continues to export gas to Europe via Ukraine

Russian gas company Gazprom on Tuesday continued to supply gas to Europe via Ukraine, at the request of European consumers, according to Reuters, according to Reuters.

Applications totaled 54.8 million cubic meters for April 19, the company said, up from 56.9 million cubic meters for April 18.

Denmark: Gas production in the North Sea could increase by 25%

Denmark’s effort to boost gas production from its existing North Sea deposits could rise by up to 25%, Energy and Climate Minister Dan Joergensen told a news conference on Tuesday, according to the agency. Reuters.

In an effort to break free from Russian gas, the Danish government proposed on Tuesday to increase gas production in the North Sea, as well as to drastically increase energy production from renewable sources.

Source: Capital

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