Russian gas giant Gazprom stops all gas passing through the Yamal-Europe gas pipeline in Poland. But the measure is judged to have little significance. “Volumes through Yamal have been close to zero since December 2021,” commodity analyst Ole Hvalbye told TT.
The announcement is part of the Russian sanctions against European energy companies that were announced on Wednesday, writes AFP.
Yamal runs from Belarus through Poland and further into Germany. While gas that goes through Nordstream 1 and in Ukraine is primarily sold on long-term contracts, the gas is traded via Yamal in the short term.
Apart from some peaks, there has been very little trading in Yamal gas this year, according to Ole Hvalbye, the raw materials analyst at SEB.
– The fact that it is spot volumes that go through Yamal means that Putin and Gazprom can be a little more flexible. Yamal is used in the energy war, he says and adds that 70 percent of the gas is bought through agreements that run for a long time.
– Russia closes the tap where possible.
“No influence”
In total, it is about ten million cubic meters of gas, deliveries that can now be secured from other sources, states Germany’s Deputy Chancellor Robert Habeck at a press conference.
According to Habeck, there is no reason to declare any kind of emergency. According to him, the German government has been prepared for this and has taken economic measures.
Ole Hvalbye says that Russia has long wanted to get rid of short-term trade. He now believes that neither price nor supply will be affected to any great extent.
– As we have barely seen any gas on that pipeline in almost six months, it has no influence on the market right now, he says.
Stop in Ukraine
On the Dutch commodity exchange, the price of natural gas rises by 16 percent and on Thursday afternoon is around 110 euros per megawatt hour, writes AFP.
On Thursday, gas flow from Russia to Europe fell by a third, according to Gazprom, due to a halt from Ukraine.
According to the Ukrainian operator of the gas pipeline system, deliveries have been halted as a result of Russian or Russian-backed forces in an occupied Ukrainian area disrupting operations.
The price of natural gas is still well below the price of over 200 euros that prevailed the week after Russia began its invasion of Ukraine. But it is much higher than a year ago, when the price was around 25 euros per megawatt hour.
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