According to him, the European Commission specifically selects spot contracts without understanding the market situation in the medium and long term.
“This led to the fact that in the summer of 2021, when it was necessary to pump gas into underground storage facilities, liquefied natural gas (LNG) supplied under spot contracts (conditionally, through the exchange), which Europe was counting on, went to other markets that were more economically favorable, ”Novak said in an interview with RBC.
He noted that liquefied natural gas from the United States, Qatar and Australia was mainly supplied to the Asia-Pacific region, which caused gas shortages in Europe.
Also in Europe itself, gas production has decreased.
Earlier it became known that gas futures prices in Europe are falling by 9% and are at $ 1160 per 1,000 cubic meters.
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