Gas price in Europe went up again

Gas prices in Europe have returned to their highest levels this year after the scheduled additional auction for Ukraine's gas transmission capacities for June did not take place, Economichna Pravda reports.

The price of gas for delivery on May 26 at the TTF hub in the Netherlands went up to $333 per thousand cubic meters after a 2.5-year high on May 17 ($342) and a low since the beginning of the year on May 20 ($ 290).

“The situation on the market in the last two weeks indicates a correlation not only with the price of other significant indices of the energy basket (oil, CO2 emission quotas, LNG prices in Asia), but also with announcements/results of additional auctions for capacities in the Ukrainian direction,” the message says.

Gazprom has a long-term reservation of 40 billion cubic meters of Ukrainian capacities for 2021. It is 109 million cubic meters of gas per day; 15 million cubic meters m was additionally booked at a regular auction on May 17, a total of 124 million cubic meters per day.

On May 25, the Ukrainian GTS Operator auctioned additional capacities for gas transit from Russia to Europe in the amount of 63.7 million cubic meters per day. No bids were submitted for these capacities.

A similar auction was already held at the end of April but then Gazprom also refused to book additional capacities.

Tags: Gazprom, gas, UGSF, GTS, heating season, Ukraine, gas supplies, Europe

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