epa01605886 (FILES) The image shows a gas pressure-gauge of the new gas-compressor station 'Bobrovnytska' in Mryn village, about 130 km of Kiev, Ukraine, 16 December 2008. Russian gas was on its way to Europe 20 January 2009 after the Russian monopoly Gazprom began pumping it into a Ukrainian transit pipeline for the first time since a nearly two-week supply blockade began. Ukrainian Prime Minister Yulia Tymoshenko said in Moscow that Gazprom began the deliveries at 4 am (0100 GMT), and Gazprom said it would resume normal gas flows to Europe about six hours later. EPA/SERGEY DOLZHENKO

European Gas Prices to Increase Further in Event of Harsh Weather

A severe winter in Europe would likely mean natural gas prices will continue to rise higher, adding to the continent’s energy woes, according to Dea Mario Mehren, chief executive of natural gas and crude oil company Wintershall.
“Prices might go up if the winter is very tough,” Mehren said during a televised conference with investors. He stressed, however, that he was not unduly concerned about the current shortage of gas on the market.
On Tuesday, prices in Europe hit $1,090 per 1,000 cubic meters on London’s Intercontinental Exchange. Earlier this month, gas prices topped a record high of $1,900.
According to Mehren, the tension in the European gas markets would be relieved by the launching of the Nord Stream 2 pipeline from Russia. The recently-completed pipeline is awaiting EU approval before starting natural gas deliveries.
“I assume that, once Nord Stream 2 is on stream, Russia will be able to export more gas from its northern gas fields, so that will stabilize the supply situation,” he said.

About Parvin Faghfouri Azar

Check Also

Saudi Arabia may Cut December Oil Prices for Asia

Top oil exporter Saudi Arabia may cut prices for most of the crude grades it …

Leave a Reply

Your email address will not be published. Required fields are marked *