Gas prices in Europe did not fall after the return of supplies via Nord Stream
17:41 22.07.2022 10958
Gas prices in Europe have not decreased after the resumption of supplies via Nord Stream. For a week now, the quotes have been steadily holding above $1,600 per thousand cubic meters.
Spot gas prices in Europe against the backdrop of the restart of the Nord Stream after the prevention remained above $1,600 per thousand cubic meters. In Asia, prices are significantly lower - September futures on the JKM Platts index (Japan Korea Marker; reflects the spot market value of cargo delivered to Japan, South Korea, China and Taiwan) is trading at $1,360, Interfax reports.
Europe continues to pump gas into underground storage facilities (UGS). UGS data, now regulated by law, is now one of the most important economic and political indicators for the region, reflecting the ability of the EU leadership to ensure energy security. At the moment, the reserves are 64.97%, according to data from the association Gas Infrastructure Europe.
Since this year, the EU has introduced strict regulation of the use of underground storage facilities. By the beginning of the withdrawal season in 2022, the reserves should be at least 80% of the UGS capacity, in the next - 90%.
European LNG receiving terminals are 68% loaded on average in July against 63% in June. So far, the region remains a premium market for LNG, as prices in Asia are slightly below European hubs.
Europe's wind power generation averaged 10% Monday-Thursday, after last week's average of 11%, according to WindEurope data.
Refined products were in the lead in the auctions
At the auction of the State Commodity and Raw Materials Exchange of Turkmenistan, 47 transactions were registered last week.
UAE Minister of State emphasizes the growing role of Turkmenistan in global energy security
The accelerating energy transition further highlights Turkmenistan’s critical role in maintaining global energy security as a stable and reliable supplier of hydrocarbon resources and as a country supporting the development of renewable and sustainable energy sources. This was stated by the Minister of State of the UAE, member of the board of directors of the Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Development Fund Ahmed Ali Al Sayed, speaking at the International Forum on attracting foreign investment in the oil and gas industry of Turkmenistan, which opened on Wednesday in Dubai.
At the Galkynysh field, annual production may reach up to 200 billion cubic meters of gas
In the future, with the implementation of seven stages of development of the giant Galkynysh field, the annual production of natural gas will reach about 200 billion cubic meters of “blue fuel”. This was stated in the speech of the head of the laboratory of the Scientific Research Institute of Natural Gas of the State Concern “Turkmengas” Irina Luryeva at the International Forum on attracting investments in the energy sector of Turkmenistan in Dubai.
The President of Turkmenistan noted the importance of further increasing natural gas production volumes
On May 31, President Serdar Berdimuhamedov held a regular meeting of the Cabinet of Ministers via the digital system, at which topical issues in the life of the country were discussed.
Gurbanguly Berdimuhamedov instructed to find a way to extinguish the gas crater in Darvaza
Turkmen President Gurbanguly Berdimuhamedov, at a government meeting held last Friday via video link, raised the issue of finding a solution to the long-standing problem associated with a burning gas crater in Darvaza.