{"id":107847,"title":"European Gas Prices Plunge to Lowest in 21 Months, Undermining Putin’s Energy Battle","publisher":"Share Talk","author":"sharetalk","published":"2023-05-03T16:24:32+00:00","modified":"2023-05-03T16:24:32+00:00","canonical_url":"https://www.share-talk.com/european-gas-prices-plunge-to-lowest-in-21-months-undermining-putins-energy-battle/","markdown_url":"https://www.share-talk.com/european-gas-prices-plunge-to-lowest-in-21-months-undermining-putins-energy-battle.md","json_url":"https://www.share-talk.com/european-gas-prices-plunge-to-lowest-in-21-months-undermining-putins-energy-battle.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Barrel","Benchmark","Berlin","Brent","cap","countries","crude","Druzhba","EU","European Union","German","international","oil","pipeline","Poland","Polish","Price","Putin","Russia","Russian","sanction","Schwedt refinery","Share Talk","Ukraine","Vladimir Putin","Warsaw"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"European natural gas prices have reached their lowest point in 21 months, undermining Vladimir Putin’s campaign in Ukraine.\n\nDutch front-month futures, the European gas pricing standard, have dropped up to 1.9% today, falling below $37 per megawatt hour, as a result of unprecedented liquified natural gas (LNG) imports across the continent.\n\nThis marks the lowest level since July 2021, which it also reached last month, after four consecutive weeks of decreases.\n\nPrices have decreased around 88% from their highest point last August following Russia’s incursion into Ukraine.\n\nhttps://twitter.com/Share_Talk/status/1653709468075474944?s=20\n\nIn April, LNG imports to Western Europe soared to a record 10.6 million metric tons, fueled by shipments to France, Belgium, and the Netherlands.\n\nThe United States provided approximately 50% of the fuel, with Russian cargoes contributing about 10%.\n\nThis development coincides with a 10% drop in Russia’s gas production in the first quarter of the year, amounting to 180 billion cubic meters (bcm), as reported by the daily newspaper Kommersant, owned by oligarch Alisher Usmanov.\n\nThe report indicated that Gazprom, Russia’s leading producer holding roughly 15% of global gas reserves, experienced a production decline of nearly 18% from January to March.\n\nLNG imports have emerged as a crucial strategy in Europe’s quest to prevent the severe fluctuations experienced during the peak of the energy crisis."}