A 3D-printed pure gas pipeline is positioned in entrance of the displayed Gazprom brand on this determine, taken on February 8, 2022. REUTERS / DadoRuvic / Illustration / File Photo

May 31 (Reuters)-Russia expands gas cuts to Europe with Gazprom on Tuesday (GAZP.MM) He stated he would cease supplying to some “unfriendly” nations that refused to simply accept Moscow’s gas ruble fee scheme.

The Russian gas large’s transfer was the newest retaliation for Western sanctions imposed on Moscow following the February 24 invasion of Ukraine, intensifying the financial battle with Brussels and pushing up European gas costs. .. read more

Gazprom stated Tuesday that it had fully reduce off gas provides to Dutch gas dealer GasTerra. read more

Later, it introduced that it will cease the move of gas to Ørsted, Denmark from June 1st. (ORSTED.CO) To shell vitality (shell) Due to its contract on gas provide to Germany, after each didn’t pay within the ruble. read more

The announcement follows Monday’s settlement by European Union leaders to cut back Russia’s oil imports by the European Union by 90% by the top of the 12 months. This is Block’s hardest response to this aggression. read more

No risk to produce

GasTerra, which buys and sells gas on behalf of the Dutch authorities, stated it had signed a contract elsewhere for two billion cubic meters (bcm) of gas that it was anticipated to obtain from Gazprom by October.

“This has not but been seen as a risk to provides,” stated Githabul Ministry spokesman Pieterten Bruggencate.

Orsted, who additionally stated there was no speedy threat to Denmark’s gas provide, stated Tuesday that it will look to the European gas market to shut the hole. read more

Ørsted CEO Mads Nipper stated in an announcement shortly after the announcement of Gazprom, “Most of the gas for Denmark have to be bought within the European gas market. We hope this will likely be attainable. I’ve. “

Gas contracts within the earlier month of the benchmark rose about 5% on Tuesday afternoon to round € 91.05 / MWh, nicely under the highs of € 300 / MWh hit in early March.

“The market was very a lot in search of a break between the 2 corporations, however this improvement will additional tighten the supply-demand stability,” ICIS analyst Tom Marzek Manser stated on Twitter.

According to analysts, the move of gas to Germany through Russia’s Nord Stream pipeline is probably going because of the interruption of the Netherlands. read more

Moscow had already stopped supplying pure gas to Bulgaria, Poland and Finland as a result of it refused to pay within the Russian ruble, which was requested in response to Western sanctions that remoted Russia. read more

However, German, Italian and French corporations have said that they are going to be concerned in plans to keep up provide. read more

Supply cuts are already pushing up excessive gas costs, supercharging inflation, and for European governments and companies to trace different sources, together with floating storage and regasification models (FSRUs), and the infrastructure to deal with them. I urged you.

Storage

Europe is in a rush to fill gas storage areas earlier than winter and is cautious of Russia’s provide cuts, which normally provide about 40% of Europe’s gas. read more

Gas storage within the Netherlands is at present about 37% full, as proven by Gas Infrastructure Europe knowledge.

The Dutch authorities introduced final week that it will improve its subsidies to € 406 million to encourage companies to fill the Bergermeer facility, one in every of Europe’s largest open entry gas storage amenities.

Denmark’s gas depot is at present 55% full and can provide all gas clients in Denmark and Sweden for 5 months if provide from Germany is reduce off, Dan Jørgensen, the Danish Minister of Energy, parliament. The letter to.

Report by Toby Sterling and Anthony Deutsch in Amsterdam. Jan Strupczewski and Philip Blenkinsop in Brussels; Stine Jacobsen in Copenhagen; Susanna Twidale and Marwa Rasad in London. Written by Jason Neely, edited by Carmel Crimmins and Tomasz Janowski

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