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Ukraine Hopes for Increase in Gas Storage by European Firms

NATGAS

Ukraine expects more European companies to use its gas storage by September and is in talks with more than 100 firms despite ongoing Russian attacks on its gas infrastructure in recent months, according to the CEO of Naftogaz cited by Bloomberg.

  • “There might be a physical necessity of using Ukrainian storage” by September, Oleksiy Chernyshov said, with healthy European storage levels. “Traders are able to take the risk.”
  • He added the cost of storing gas on vessels at sea is relatively high.
  • Ukraine is offering about a third of the country’s total at 10bcm and hopes for at least 4bcm of gas from outside Ukraine will be stored this year compared with 2.5bcm last year.
  • Security risks and the wide summer to winter gas price spread required to make storage profitable are limiting factors.
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