Energy crises

In May, natural gas imports to Europe from Russia surpassed those from the US for the first time since the onset of the Ukraine war, highlighting the EU's ongoing struggle to reduce reliance on Russian energy. Despite concerted efforts to cut ties with Russian fuels, one-off factors drove this shift, emphasizing the complexity of Europe's energy landscape, according to the Financial Times.

The implementation of the Vertical Gas Corridor has commenced, aimed at ensuring diversification and energy security for natural gas supplies. Bulgartransgaz, the state gas transmission operator, signed two critical public contracts with consortia comprising Bulgarian and American companies.

A comprehensive report commissioned by Gazprom, conducted by external analysts, reveals a bleak outlook for the company's future in Europe. The analysis indicates that Gazprom is unlikely to regain its pre-war export levels to Europe, its primary market, until at least 2035, if ever. The report, spanning 151 pages, was exclusively cited by the Financial Times.

Germany's natural gas storages are filled to 100 percent of their capacity, according to a report by the Association of European Gas Infrastructure Operators (Gas Infrastructure Europe - GIE). The capacity of the facilities in Germany is reported to be at 100.03% based on preliminary data, with allowances for changes in gas volume due to temperature variations.

Negotiations between DEPA Commercial and Gazprom are at a pivotal point, which may lead to arbitration or even a complete stop in Russian gas imports. Their outcome will also determine the future of the Greek gas company.

The creation of the international platform that will include the trading of energy and minerals trade could be completed in 2024, Energy Minister Alparslan Bayraktar has said.

Europe's underground gas storage facilities are poised for the upcoming heating season with more than 99% of their capacity filled, marking a significant milestone in the region's efforts to reduce energy dependence on Russia.

Pipeline exports of natural gas to Europe from Russian energy giant Gazprom fell 2.4 percent in October from September, according to Reuters calculations based on volumes shipped through Ukraine and Turkey.

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report yesterday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.