Last November, the United States resumed first place as the main source of natural gas supply to Spain, with 20.6 % of the total, after having been surpassed in September and October by Algeria, according to data from the Enagás bulletin.

Specifically, the consumption of natural gas from the United States reached 7,157 gigawatt hours (GWh) in November. In this way, the North American country stands in this 2022 as the main supplier of Spain, with 28.5 % of the total, followed by Algeria (23.7 %) and Nigeria (14.5 %).

In November, Algeria, historically Spain’s main supplier until the ‘sorpasso’ by the United States occurred at the beginning of the year, ranked second, with 18.4 % of total consumption, with 6,393 GWh.

Concerning Russia supply, imports in November amounted to 5,953 GWh, 17.1 % of the total in the period, standing so far in 2022 at 48,406 GWh (11.9 %). However, most of this gas comes from the production of Yamal LNG, which does not depend on the Russian gas giant Gazprom, but on the private company Novatek.

On the other hand, in November the export balance to France increased, with 2,025 GWh, already amounting to 8,836 GWh in the accumulated year.

Regarding the demand for gas so far this year (from January to November), it remains practically at the same levels (-1.0%) compared to the same period last year, despite the drop registered in November of 30% compared to the same month a year ago.

Specifically, the total demand for gas stood at 28,013 GWh last November, with a decrease of 32.1 % of the conventional one – that destined for domestic, commercial, industrial and co-generation consumption – and of 25.7 % of that allocated to electricity generation.

This significant drop in demand in November was mainly due to higher temperatures  – 3.1 degrees Celsius more than the same month of the previous year – and lower industrial consumption, while the role of the natural gas as backup for renewables in increased consumption for electricity generation so far this year.

Source: dpa

(Photo: time.news, via web)

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The supply of gas to the Italian Eni from Russia was suspended by the government of Vladimir Putin. In this way, Gazprom has cut the supply arguing that it is a consequence of the recent change in regulations in Austria, the country through which the gas pipeline passes.

Deliveries to Eni were canceled this Saturday, Gazprom told the media. According to the Russian company, they cannot transport it across the border to Austria.

This was stated by Eni in a statement. The situation is delicate due to the consequences for the population of this cut, in the midst of the crisis aggravated by the leaks detected in the Nord Stream 1 and 2 pipelines, which link Russia and Germany.

For its part, the Russian Gazprom indicated in another statement that “the transport of Russian gas (…) through Austria has been suspended due to the refusal of the Austrian operator to confirm the transport authorizations” and that “it is working on the resolution of the issue”.

The European bloc’s sanctions on Russian gas exports have led dependent countries to look for alternatives, in the midst of the Russia-Ukraine conflict, which has also increased the prices of both gas and electricity in the rest of the world.

M.Pino

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Source: bancaynegocios

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Germany’s gas storage facilities are 90.07 %, despite Russia cutting off gas supplies since late August, data from European operators shows.

On Monday night, the level had increased by 0.32 percentage points from the previous day. Level data is always communicated with a delay.

Germany had stipulated through a ministerial decree that storage facilities must be at least 95 % full by November 1st. The amount of gas stored at this level roughly corresponds to national consumption in January and February 2022.

The deposits compensate for fluctuations in consumption and therefore constitute a kind of buffer system for the gas market. They are usually well filled at the beginning of the heating season in the European autumn. Then they decrease until spring. On cold winter days, up to 60 percent of the gas consumption in Germany is covered by the country’s storage facilities.

Germany takes action as winter approaches

The government wants to take various measures to make them as full as possible at the beginning of the heating season, to better cope with the total loss of Russian supplies in winter.

Currently, Germany receives natural gas through pipelines from Norway, the Netherlands and Belgium. At the end of the year, the first two liquefied natural gas (LNG) landing terminals will be commissioned on the German North Sea coast.

The fill level of Germany’s largest storage facility, located in Rehden, in the state of Lower Saxony, is currently below 75 %. Due to scheduled maintenance of this warehouse, no more gas has been injected or withdrawn since last Monday. The maintenance is scheduled to last until next Saturday.

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Source: dpa

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The German economy is headed for a prolonged economic recession until next year and inflation will remain at double-digit levels, the Bundesbank forecast in its monthly report released today.

“There are growing signs of a recession in the German economy, in the sense of a significant, widespread and prolonged decline in economic output,” the central bank said.

The main reason is the disruption of energy supply as a result of Russia’s war in Ukraine, he said. “High inflation and uncertainty about energy supply and its costs are affecting not only the gas and electricity-intensive industry and its export and investment businesses, but also private consumption and the service providers that depend on it,” explained the Bundesbank economists.

Bundesbank predicts decline in economic output

According to the analysis, the decline is expected to start in the current third quarter and economic output is likely to decline markedly in the last three months of 2022. “This should apply to the first quarter of next year as well,” it added.

In the second quarter, Europe’s largest economy still had a slight growth of 0.1 percent compared to the previous quarter, according to data from the Federal Statistical Office.

Since then, prospects have dimmed a lot due to the gas crisis. “Now that Russian gas deliveries to Germany have been largely interrupted, the gas supply situation is extremely tense in the coming months,” the monthly report states.

Economic research institutes such as the Ifo or the Kiel Institute for World Economy (IfW) also recently forecast a recession in Germany.

Double-digit inflation will remain according to the Bundesbank

According to the German central bank, citizens will have to prepare for double-digit inflation rates in the coming months. The measures announced in the latest government aid package for citizens will probably not be reflected in consumer prices until early next year, it said.

The increases in energy prices as a result of the war in Ukraine and the increase in food prices have increased the rate of inflation for months. The reduction in fuel prices and the reduced public transport ticket of 9 euros ($8.99), limited until the end of August, temporarily caused a slight slowdown in price increases.

However, recently inflation again approached the eight percent mark. In August, consumer prices rose 7.9 % compared to the same month a year earlier.

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Source: dpa

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