... adjusting logistics in favor of the domestic market. Gas Market: Europe Accumulates Reserves, Transit Restructured European countries are actively preparing for the upcoming heating season by increasing gas reserves. As of early August, underground gas storage facilities (UGS) in the EU are filled to approximately 70% — with over 74 billion cubic meters accumulated. Since the injection season began (end of March), over 38 billion m 3 have been injected, and energy market investors are closely monitoring the filling rates. The European ...

... LNG. European companies could then say they were buying gas not from Russia, but from the Turkish hub with multiple suppliers,” explains Yushkov. However, that panic has long passed, sanctions have been clarified, and Europeans are buying Russian gas through the remaining routes – via Ukraine and the Turkish Stream. In September 2024, Gazprom's exports to the EU reached 101 million cubic meters per day, of which 58 million cubic meters were transported via Turkish Stream, with the remaining volumes going through Ukraine. “Now, for Russia, this gas hub has become purely a matter of image. First, Russia ...

... according to the Ministry of Finance. A key factor was the increase in gas supplies to Europe, which ultimately led to an increase in gas production," he noted. Referring to data from the European Network of Transmission System Operators for Gas (ENTSOG), the expert clarified that Gazprom's average daily exports to the European Union (EU) in the first eight months of 2024 grew by 35% year-on-year, reaching 97 million cubic meters per day compared to 72 million cubic meters per day in January–August 2023. This figure includes transit supplies to Serbia and North Macedonia, which ...

... gas suppliers, it will have to pay European spot market prices, which could soar to $800–$900 per thousand cubic meters—or even exceed $1,000 during cold spells in late December and early January. Physically, Moldova might source non-Gazprom gas from Azerbaijan or the LNG market. However, Azerbaijan is already maxed out on its EU supplies, leaving Moldova to outbid other buyers. Similarly, relying on LNG would be complex and costly, involving purchase, transport to Turkey, regasification, and further transit via the Trans-Balkan Pipeline. Challenges for Transnistrian GRES ...

... significantly, prices could stay elevated or spike. Ukrainian Transit Risks Another major factor is the uncertainty surrounding gas transit through Ukraine, especially with the transit agreement expiring in January 2025. Market players are already buying ... ... Europe for LNG supplies, forcing Europeans to increase their offers,” Yushkov explains. Sanction Policies Talks of a 15th EU sanctions package targeting Russian LNG add tension. “If Europe bans Russian LNG outright, even with a delay until late 2025,...