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Europe Gas Crisis Subsides: Trafigura

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The gas supply crisis that Europe has struggled with for months now appears to be abating, and the continent may emerge relatively unscathed from this winter.

This is according to Trafigura CEO Jeremy Weir: quoted According to today’s Financial Times.

Weir said at a FT-sponsored commodities conference that a strong restocking season and a mild autumn in Europe appear to provide plenty of gas for the winter.

Weir also sounded a rare note of optimism for next winter, with Trafigura forecasts that Europe will still emerge from the winter with 30 billion cubic meters of storage, with subsequent replenishment in the winter of 2023/24. will be an easier task than previously expected.

Trafigura’s CEO said, “If that were the case, we might not have major problems next winter, and that was a real concern.”

But yesterday Russia threatened to reduce the amount of gas shipped through Ukraine after realizing that some of the gas destined for Moldova had not actually reached Ukraine.

On Monday, state gas giant Gazprom said it had realized that some of the gas destined for Moldova under a contract with a local gas company had been diverted by Ukraine. Gazprom will start cutting gas flows through Ukraine on the morning of November 28 if the imbalance in gas shipments continues, the Russian gas giant said.

Also on Monday, the European Commission announced a decision on the gas price cap demanded by more than half of the EU member states. The cap, set at €275 per MWh, will only be triggered if two conditions are met at the same time and will be deactivated if the energy market is compromised.

By Irina Slav for Oilprice.com

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