Wholesale gas prices fell in Europe on Tuesday after Russian gas flows resumed to Germany, raising hopes that Moscow is acting on a pledge to increase supplies and ease concerns about shortages and high prices as winter approaches.
Russia started pumping gas to Germany again late on Monday via a pipeline from Yamal in Siberia, a day after a halt in exports had pushed up prices in Europe. The gas flows later rose to their highest level in almost two weeks, German data showed.to increase supplies to Europe and rebuild its inventories there once domestic storage tanks are replenished.
Though wholesale prices in European Union countries and Britain fell, market analysts said a bigger drop in prices would depend on Russia doing more to ease European concerns and on how cold the coming winter is. "For such a serious increase in supplies, Gazprom would have to book additional transit capacity via Ukraine – the Nord Stream 1 and Yamal-Europe would not be enough," Marinchenko told Reuters.
Westbound flows into Germany at the Mallnow metering point, which lies on the Polish border, resumed late on Monday at an hourly volume of more than 3,000,000 kilowatt hours , after staying at zero net flows for the most of the day.The volume increased to around 9 million kWh/hour on Tuesday, the highest level since October 29.
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