Page 8 - GLNG Week 07 2022

GLNG EUROPE GLNG

European gas prices bullish as US warns of

Russian invasion of Ukraine within days

PERFORMANCE TTF gas prices were bullish in early trading our allies and partners, we are equally prepared
this week, after the White House warned that a for other scenarios.”
Russian invasion of Ukraine could occur within UK Prime Minister Boris Johnson similarly
days. warned that the situation in Ukraine was “very,
The Biden administration’s national security very dangerous,” on February 14, and urged
advisor Jake Sullivan warned late on February Putin to step back from ‘the edge of a precipice.” The amount of
11 that Russia could launch a military incursion He also said that the evidence was “pretty clear”
“any day now” – possibly even before the Winter that Russia was planning an invasion, although gas in EU and UK
Olympics in Beijing end. the Kremlin has consistently said this is not its
“Any American in Ukraine should leave as intention. Nevertheless, Russia has amassed a storage facilities
soon as possible, and in any event in the next 24 force of some 130,000 troops at Ukraine’s bor-
to 48 hours,” Sullivan told reporters in a briefing. ders with Russia and Belarus. had fallen to
His comments echoed those of US Presi- The language of EU leaders has been mark- 33.8% capacity
dent Joe Biden, who called on US citizens in edly more restrained. In a meeting last week
Ukraine in an interview with NBC News on with Putin, Macron said he had received from as of February
February 10 to “leave now,” stressing that “this the Russian leader personal assurances that an
is a very different situation, and things could invasion was not a possibility. Meanwhile, Brus- 14.
go crazy quickly.” sels has stressed the need for talks to continue in
Biden also had a phone call with Russian the hope that the crisis can be resolved.
counterpart Vladimir Putin on February 12, The March delivery contract at the Dutch
warning his adversary that in the event of an TTF gas hub was trading 5.4% higher by around
invasion, “the US together with our allies and 12:30 GMT on February 14 at €81.6 ($92.44) per
partners will respond decisively and impose MWh. The amount of gas in EU and UK stor-
swift and severe costs on Russia,” according to a age facilities had fallen to 33.8% capacity as of
White House statement. February 14, down 0.34 percentage points com-
“President Biden was clear with President pared to the previous day. Withdrawal rates have
Putin that while the US remains prepared to slowed in recent days, as LNG imports remain
engage in diplomacy, in full co-ordination with strong and temperatures comparatively high.™

P8 www. NEWSBASE .com Week 07 18•February•2022