Russia continues to cut supplies to Italy. Faced with a daily request for gas by Eni equal to approximately 63 million cubic meters, Gazprom has announced that it will supply only 50% of what is requested (with actual quantities delivered almost unchanged compared to yesterday). Eni announces it. Yesterday, in response to the requests made by the Italian comrades Gazprom, it had announced that it would deliver only 65% of the supplies.
Meanwhile, in the morning, the price is slightly lower. On the Amsterdam Stock Exchange, reference for European trading, futures contracts for the month of July yield 3.51% to 120 euros per MWh
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Kremlin spokesman Dmitry Peskov said Thursday that the reductions in the offer were not premeditated and related to maintenance problems, but Italian Prime Minister Mario Draghi rejected his explanation. “Both Germany and we, and others, believe these to be lies. In reality they are making political use of gas as if they were using wheat for political use, ”Draghi said at a press conference during a visit to Kiev with his German and French counterparts.
Yesterday, Russia’s gas supply to Europe through the Nord Stream 1 pipeline further declined and Moscow said further delays in repairs could lead to the suspension of all flows, putting a halt to Europe’s rush to replenish its stocks. of gas. Italy aims to fill the country’s gas storage system to at least 90% of capacity in time for next winter. Storage is at 54% capacity as of Thursday. Italy reduced its dependence on gas supplies from Russia after the invasion of Ukraine in February.
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The consequences on the markets were not long in coming. Natural gas leaps to the market in Amsterdam after Gazprom’s decision to cut Western requests for supplies. Futures contracts for the month of July mark an increase of 7.75% to 134 euros per MWh. Tensions also in London, where 254.67 pennies are asked for a single thermal unit (Mbtu), or 9.01% more than yesterday.
In Germany, a similar problem triggered by the Kremlin’s decision to use gas as a weapon. “Deputy Chancellor Habeck has called the announcements of the Gazprom squeeze a political decision and Chancellor Scholz shares this view,” Bundeskanzler spokeswoman Christiane Hoffman said in response to a question at the government press conference in Berlin. “Siemens Energy has issued a statement on the repair of the turbine, and this circumstance does not justify a gas reduction of this magnitude,” said the spokesman for the Ministry of Economy Haufe. Gazprom has announced to reduce gas deliveries to Germany by 60%, through Nord Stream 1.