Page 10 - FSUOGM Week 02 2022

FSUOGM PERFORMANCE FSUOGM

European gas prices ease back

from record highs

EUROPE EUROPEAN gas prices have remained volatile In recent days, major European capitals such
in January so far, but they have eased back from as London, Berlin and Paris have enjoyed spring-
The European gas record highs in late December as relatively mild like weather. Bloomberg estimates that on New
market is in a better weather sweeping the continent has alleviated Year’s Eve, the mean temperature in north-west
state, but it is not out of fears of shortages. Europe was almost 12 degrees Celsius, about 9
the woods just yet. Spot prices at the Dutch TTF hub soared degrees above the 30-year average. Some cities
on December 21 following the flow reversal of were even warmer, with Zurich and Frankfurt
the Yamal-Europe pipeline that normally sends registering a temperature of 13 degrees Celsius.
Russian gas westwards to Europe and the arrival Prices have also fallen recently as US LNG
of colder weather. But temperatures have since exports have risen to a record high. The US
warmed, however, and Europe has begun rein- replaced Qatar as the world’s top LNG exporter
jecting gas back into storage. for the very first time in December, and expec-
The February gas delivery contract at the TTF tations are that it will retain the top spot over
hub ended on January 7 at €83.4 ($95) per MWh, the coming years, at least until Qatar brings on
which though still uncomfortably high for gas stream the next phase of its giant North Field
buyers reliant on stock volumes, was down from LNG development.
€180 per MWh on December 21. Gas is once Certainly, the European gas market is in a far
again being taken out of storage, but at a slower more stable state than it was a few weeks ago. But
rate than during much of December. Data pub- it is not out of the woods just yet. Temperatures
lished by Gas Infrastructure Europe (GIE) shows are expected to drop to typical seasonal levels in
that EU and UK gas storage facilities were 55% the coming days, which could trigger a rebound
full on January 7. Again, this is less than the usual in gas prices depending on supply levels. Mean-
amount for this time of year, but more than dire while, Russian deliveries remain constrained, for
predictions had suggested. unknown reasons. ™

PROJECTS & COMPANIES

Turkmenistan starts producing

Euro-6 fuel

TURKMENISTAN TURKMENISTAN’S western Turkmenbashi the new fuel fully complies with Euro-6 qual-
Petrochemical and Oil Complex has begun work ity standards and has a more environmentally
Turkmenistan has two on the product of new types of oil by products friendly composition, he noted.
refineries. including Euro-6 grade petrol, ANGI reported “As a result of research carried out at the Say-
on January 10. bolt International Laboratory in the Kingdom
Turkmenistan is ramping up its oil and of the Netherlands, the product has been certi-
gas exports in recent months with signing a fied in accordance with the K5 environmental
deal to supply Iran and Azerbaijan with nat- requirements and the Euro 6 standard,” Abdra-
ural gas. Earlier on January 9, the Turkmen khmanov said.
authorities announced they would boost He added “At present, the Main State Service
annual exports to Iran and Azerbaijan to of Turkmenstan Dartlaru is working on entering
15bn cubic metres of gas as part of growing A-98 gasoline as a new type of petroleum prod-
economic relations. ucts in the state register and issuing a certificate
Deputy Chairman of the Cabinet of Minis- of conformity,” he added.
ters of Turkmenistan Shahym Abdrakhmanov Last summer at the Turkmenbashi complex
made the announcement on a tour of the sites of oil refineries the production of white-pearl
with other government officials. polypropylene film and jet fuel Jet A-1 was
According to the Deputy Prime Minister, started. ™

P10 www. NEWSBASE .com Week 02 12•January•2022