Andy Lipow, president of US consulting firm Lipow Oil Associates, said natural gas prices in Europe are about seven times higher than in the US. On Wednesday, August 17, the TV channel reports CNN.
He recalled that the gas crisis in Europe is caused by its dependence on energy from Russia, which has reduced natural gas supplies to Europe in response to Western sanctions.
Thus, prices for natural gas in Europe are traded at a level equivalent to about $70 per 1,000 cubic meters. m. This is almost seven times more expensive than in the US.
In this regard, Washington increased the export of liquefied natural gas (LNG) to Europe in an attempt to mitigate the consequences of the loss of Russian gas.
“Every free molecule we can find, we ship to the eurozone,” said Robert Jawger, vice president of energy futures at Mizuho Securities.
A major concern for the US, he said, is the fact that natural gas inventories are below historical averages, leaving the market less of a buffer and pushing up prices.
On August 17, Aleksey Grivach, an analyst at the National Energy Security Fund, called Nord Stream 2 a salvation for the German economy. In his opinion, Berlin may take such a step due to the ongoing drought and the decrease in the water level in the Rhine, which interferes with shipping and the supply of German power plants with coal.
Earlier, the price of gas in Europe during the auction on August 16 rose above $2.6 thousand per 1 thousand cubic meters. m for the first time since March 8. This is evidenced by the data of the London Stock Exchange ICE.
On Monday, August 15, Andrey Loboda, director of external relations at BitRiver, told Izvestia that the price of gas in Europe has risen sharply, as gas exports from Russia to the European Union have collapsed to a 40-year low. By the beginning of autumn, the EU states will be lucky if prices do not exceed $3,000, the analyst believes.
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