Putin backs idea to increase gas supply on market via St. Petersburg Stock Exchange
According to Deputy Prime Minister Alexander Novak, this may become one of the factors that will cool the situation on the market.
Russian President Vladimir Putin supported the initiative to increase gas supply on the market amid rising prices for energy carriers in Europe. But, according to him, this must be done not through the EU spot market, but through the St. Petersburg Stock Exchange.
"You have proposed increasing the supply of gas on the market, on the exchange, in order to bring down speculative demand and the turmoil in Europe. This can be done, but, of course, it should be done not on the spot market in Europe, but, as you said, on the stock exchange in St. Petersburg," Putin said addressing Deputy Prime Minister Alexander Novak at a meeting on energy development.
During the meeting, Novak proposed supplying additional volumes of gas for trading through the St. Petersburg Stock Exchange. According to him, this may become one of the factors that will cool the situation on the market.
The Deputy Prime Minister recalled that Russia is now filling its underground gas storage facilities for the autumn-winter period and this will last for about 10 more days. Novak urged to take this factor into account.
The gas prices in Europe during the October 6 trading set a new all-time high. At the opening of trade on Wednesday it exceeded $1,500 per 1,000 cubic meters, and then reached $1,600 per 1,000 cubic meters, according to the data of the ICE Exchange.
Gas prices in Europe are rising despite the news that testing of the first string of the Nord Stream 2 gas pipeline has begun. Gazprom expects the 2021-2022 winter to be cold and snowy.
At the end of September 2021, gas reserves in European storage facilities remain at their lowest level for many years. The gap in occupancy compared to last year is estimated at 20.5 billion cubic meters, Gazprom reported earlier.
Source
Russian President Vladimir Putin supported the initiative to increase gas supply on the market amid rising prices for energy carriers in Europe. But, according to him, this must be done not through the EU spot market, but through the St. Petersburg Stock Exchange.
"You have proposed increasing the supply of gas on the market, on the exchange, in order to bring down speculative demand and the turmoil in Europe. This can be done, but, of course, it should be done not on the spot market in Europe, but, as you said, on the stock exchange in St. Petersburg," Putin said addressing Deputy Prime Minister Alexander Novak at a meeting on energy development.
During the meeting, Novak proposed supplying additional volumes of gas for trading through the St. Petersburg Stock Exchange. According to him, this may become one of the factors that will cool the situation on the market.
The Deputy Prime Minister recalled that Russia is now filling its underground gas storage facilities for the autumn-winter period and this will last for about 10 more days. Novak urged to take this factor into account.
The gas prices in Europe during the October 6 trading set a new all-time high. At the opening of trade on Wednesday it exceeded $1,500 per 1,000 cubic meters, and then reached $1,600 per 1,000 cubic meters, according to the data of the ICE Exchange.
Gas prices in Europe are rising despite the news that testing of the first string of the Nord Stream 2 gas pipeline has begun. Gazprom expects the 2021-2022 winter to be cold and snowy.
At the end of September 2021, gas reserves in European storage facilities remain at their lowest level for many years. The gap in occupancy compared to last year is estimated at 20.5 billion cubic meters, Gazprom reported earlier.
Source