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NATGAS: European Gas: Putin Comments Support Gas Price Boost

NATGAS
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European gas jumped on Friday, supported by Putin comments on Thursday that cast further doubt over any last-minute deal to revive Ukraine gas transit. 

  • TTF JAN 25 up 3.3% at 47.24€/MWh
  • Putin said Thursday it would be impossible to arrange a new transit contract before year’s end, when the current agreement expires.
  • As things stand, there will be no transit of Russian gas from Jan. 1, Heorhii Tykhyi, spokesperson for Ukraine’s Ministry of Foreign Affairs, said on Friday.
  • No capacity on the Slovakia-Austria border point was booked for January at auctions on Friday.
  • Despite a halt in flows being expected as the base case scenario for a number of months, markets appear to have been pricing hopes of a late deal while higher demand and stronger draws from storage have added support.
  • European gas storage was 75% full on Dec. 25 vs the 5-yr seasonal norm of 78% for this time of year according to GIE.
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European gas jumped on Friday, supported by Putin comments on Thursday that cast further doubt over any last-minute deal to revive Ukraine gas transit. 

  • TTF JAN 25 up 3.3% at 47.24€/MWh
  • Putin said Thursday it would be impossible to arrange a new transit contract before year’s end, when the current agreement expires.
  • As things stand, there will be no transit of Russian gas from Jan. 1, Heorhii Tykhyi, spokesperson for Ukraine’s Ministry of Foreign Affairs, said on Friday.
  • No capacity on the Slovakia-Austria border point was booked for January at auctions on Friday.
  • Despite a halt in flows being expected as the base case scenario for a number of months, markets appear to have been pricing hopes of a late deal while higher demand and stronger draws from storage have added support.
  • European gas storage was 75% full on Dec. 25 vs the 5-yr seasonal norm of 78% for this time of year according to GIE.