Gas on the European market has become 1.5 times more expensive than oil
Fitch Agency’s natural resources and raw materials expert Dmitry Marinchenko in Sputnik said that this is due to scarce reserves in underground gas storage facilities following the cold winter of last year and the hot summer. European deposits now count for 10-15 billion cubic meters of gas less than they would need to cope with the winter season at best. This is compounded, according to indirect signals, by Gazprom’s reluctance to significantly increase gas traffic in storage or to increase sales on the spot market on the eve of the commissioning of Nord Stream 2,” added Marinchenko.
Last year prices were at their lowest and are now at their highest. It is wrong to expect them to remain at the current record levels. Prices have already reached record levels and further growth cannot be excluded, but this level is unlikely to be stable in terms of demand. Moreover, these high prices could have a negative impact on the recovery of the global economy.