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home / news releases / gazprom cuts gas to europe spain and portugal instit

SHEL - Gazprom cuts gas to Europe Spain and Portugal institutes natural gas price cap

Royal Dutch Shell PLC American Depositary Shares (each representing two (2))
European natural gas prices rallied as much as 14% Thursday, after Gazprom (OTCPK:OGZPY) announced it would no longer export gas through Poland via the Yamal pipeline (EQNR) (SHEL). The announcement comes after Moscow prohibited dealings with former Gazprom (OTCPK:OGZPY) subsidiaries which have been nationalized by European and US counterparts. The Yamal pipeline has design capacity of ~33bcm, enough to supply almost 7% of Europe's natural gas demand; however, flows have been intermittent since war in Ukraine began. Meanwhile Spain and Portugal announced they will impost a natural gas price cap of €40 per MWh for gas flowing into the power stack. The cap is to be in place from Friday until year end; currently, natural gas in Europe is trading at ~€115 per MWh. Details of the ruling remain unclear, including whether the utility or the upstream producer (OTCQX:REPYY) (OTC:GLPEF) will bear the loss between market and mandated prices.

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Gazprom cuts gas to Europe, Spain and Portugal institutes natural gas price cap
Stock Information
Company Name: Royal Dutch Shell PLC American Depositary Shares (each representing two (2))
Stock Symbol: SHEL
Market: NYSE
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