EU’s gas prices drop

Europe’s gas prices fell significantly following Russian President Vladimir Putin’s pledge to raise gas giant Gazprom’s storage levels in the European Union. Still, even if the company steps up the pumping of natural gas into its storage facilities in Europe, the storage levels will remain at least half as high as they were last year, Kommersant notes.

Gazprom CEO Alexey Miller promised to start the gas pumping process after November 8, once Russia’s underground storage facilities are full. Gazprom’s key European facilities are located in Germany (Rehden and Jemgum), Austria (Haidach) and the Netherlands (Bergermeer). Rehden, the biggest of them, is currently only 9.5% full and Bergermeer is 28% full, while the average gas storage level in Europe is 77%. The reason is that after an August accident at a Novy Urengoy plant, gas supplies to Europe fell and Gazprom started to fulfill export contracts by using gas from its storages. TASS

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