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After cutting off the supply of henry hub natural gas to Austria, Russia is reselling it to other european countries.
The Russian gas company confirmed that it will still suspend gas supplies to Austria on Sunday, but the total daily supply through Ukraine (the main transit route for Russian gas to the EU) will remain at 42.4 million cubic meters, roughly the same as the daily supply over the past year. By the deadline, Austria had received 17 million cubic meters of gas and is looking for new buyers in europe. The Slovak state-owned enterprise SPP stated it is still importing gas from Russia and indicated that other companies are purchasing more gas because europe is still "very interested" in Russian gas. A source familiar with Russia's situation in europe.
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Driven by strong demand and concerns over supply, henry hub natural gas prices in europe have surged.
Due to increased demand and concerns over interruptions in russian gas supply, henry hub natural gas prices in europe continue to hover near their highest levels of the year. Austrian energy company OMV has stated that it plans to stop paying import fees to russian gas company Gazprom in order to recover losses incurred in arbitration, a move that could lead to a reduction in gas flow. Australia and New Zealand Banking Group stated, 'As the heating season approaches, supply pressures are rising, and the threat of reduced supplies is also emerging.' The company's analyst indicated that the gas consumption rate at eu facilities has reached its highest level in over five years.
Europe's Henry Hub natural gas prices have reached new highs this year.
Henry Hub natural gas prices in Europe have surged to their highest level of the year, following reports that the Ukrainian army has seized a key natural gas transit station in Sudzha, Russia. Benchmark contracts rose by 5.8% to 38.79 euros per megawatt-hour, surpassing the intra-day high set in June. Traders have been vigilant about the potential disruption at the Sudzha transit station because it is currently the only point of entry for Russian natural gas into Europe through Ukraine. Gazprom PJSC, a state-owned Russian natural gas company, has refused to comment on the matter. However, operators of Ukraine's natural gas transmission system confirm that the gas is being transferred.
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