Page 10 - FSUOGM Week 08 2022

FSUOGM PERFORMANCE FSUOGM

Gas prices down despite Russia's claim

of border breach by Ukraine

EUROPE EUROPEAN gas prices declined on February Meanwhile, French President Emma-
21 despite Moscow’s claim of a breach of its bor- nuel Macron has said that Russian President
Warm weather has also der by Ukrainian saboteurs, amid prospects of Vladimir Putin and his US counterpart Joe
meant less gas storage a US-Russian summit and strong wind power Biden have agreed “in principle” to a summit
withdrawals. generation across Europe. on the Ukrainian crisis. But the Kremlin has
Russia’s military on February 21 reported downplayed this, stating that talk of a summit
that it had killed five people it had identified as is premature.
Ukrainian military “saboteurs” that had made an The Ukrainian crisis has put upward pressure
incursion into Russia’s Rostov region. on European gas prices in recent months, given
“Five border violators from the sabotage and the country’s key role as a transit route for Rus-
intelligence group were destroyed as a result of sian gas into Europe. Yet Russia has ramped up
the clashes,” the state-run TASS news agency gas supply to the continent this month, easing
quoted Russia’s Southern Military District as the market’s tightness. LNG imports are also
saying. It added that Russian forces did not suf- high and temperatures have been comparatively
fer casualties. high for the time of year. Wind power generation
Ukraine’s government has dismissed the in Europe has also been stronger in recent days,
report as “fake news”, however. particularly in the UK.
“Not a single one of our soldiers has crossed Warm weather has also meant that the level
the border with the Russian Federation, and not of gas in storage in Europe has been depleting
a single one has been killed today,” Anton Ger- at a slower rate recently. Data published by Gas
ashchenko, an official at Ukraine’s interior min- Infrastructure Europe (GIE) shows that EU and
istry, told reporters. UK storage facilities were 31.4% full on February
The US has been claiming for weeks that 21, which is still unusually low for the time of
Russia could stage a false-flag operation to jus- year, but means Europe is very likely to end the
tify an incursion into Ukraine. But Moscow winter season with gas still in stock.
denies having any intention of invading, despite The March gas delivery contract at the Dutch
having amassed a force of 130,000 troops at var- TTF hub was down 2.7% on February 21 as
ious points near Ukraine’s border in Russia and of 16:40 GMT, trading at €71.75 ($81.40) per
Belarus. MWh. ™

P10 www. NEWSBASE .com Week 08 23•February•2022