European Gas Market on Edge as Russia Keeps Grip on Supply

Gazprom didn’t book extra transit capacities for 1Q-3Q 2022
Russia seeks approvals for Nord Stream 2 link to start supply

The Gazprom PJSC Chayandinskoye oil, gas and condensate field in the Sakha Republic, Russia.Photographer: Andrey Rudakov/Bloomberg

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By Elena Mazneva, Dina Khrennikova, and Olga Tanas

November 2, 2021 at 11:36 AM UTC

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Russia kept Europe’s energy markets on edge after Gazprom PJSC declined to book more pipeline capacity later this winter when freezing temperatures will buffer the region.

While President Vladimir Putin has said his country is ready to deliver all of the gas that Europe needs, especially when demand peaks, Gazprom didn’t reserve any extra capacity to send fuel to Europe in the first quarter next year via Ukraine and Poland, according to the results of several capacity auctions on Tuesday.