European Gas Prices On The Decline

Early start of summer and ample LNG supply push gas prices down

European natural gas prices have been on the slide for several days now as an early start of summer combines with ample LNG supplies to quench supply worries. According to a Bloomberg report, natural gas prices in Europe have been on the decline for five days now as demand eases while supply remains strong thanks to LNG and continued deliveries by Gazprom via Ukraine and the Nord Stream 1 pipeline.

Europe became the biggest buyer of U.S. liquefied natural gas a few months ago as it sought to reduce its dependence on Russian gas even before Russia’s invasion of Ukraine. This has led to a spike not only in gas prices but also in LNG carrier rates, which recently hit the highest in a decade.

Despite the lower demand, gas prices in Europe remain quite elevated as importers seek to refill their reserves ahead of the next heating season. Some of these might be worse off than others as Gazprom suspended deliveries to Poland, Bulgaria, the Netherlands, and Denmark over their refusal to pay for the gas in rubles.

Still, most of the large gas buyers that supply European countries with natural gas from Gazprom have accepted the latter’s payment terms, ensuring the uninterrupted supply of gas. According to unnamed sources cited by Bloomberg today, Gazprom was unlikely to cut off supplies to any other European buyers for now.

https://oilprice.com/

Chelsea owner Roman Abramovich hit by UK sanctions

Sanctions bar oligarch Abramovich from selling his $3 billion soccer club 

 Chelsea Football Club’s Russian owner Roman Abramovich was on Thursday hit with a UK assets freeze and travel ban, throwing his plans to sell the European and world club champions into disarray. The billionaire owner of the English Premier League side was one of seven oligarchs slapped with restrictions over Russia’s Ukraine invasion, including his former business partner Oleg Deripaska.

Others sanctioned were Rosneft chief executive Igor Sechin, whom the British government described as Russian President Vladimir Putin’s “right-hand man”, and the head of Gazprom Alexei Miller. Also on the list were VTB bank chairman Andrey Kostin, Transneft president Nikolai Tokarev and Bank Rossiya chairman Dmitri Lebedev.

London said the seven have a collective net worth of about £15 billion ($19.7 billion, 17.8 billion euros) and described them all as part of Putin’s inner circle.

https://www.france24.com/