From Investing.com: 2024-11-17 07:20:35

Russian gas flows to Austria were suspended for a second day due to a pricing dispute, leading to unsold volumes being snapped up by other European buyers. Despite losing buyers in Europe, significant volumes of Russian gas are still being sold to Slovakia, Hungary, the Czech Republic, Italy, and Serbia.

Gazprom halted supplies to OMV after a contractual dispute. Flows to Austria remained suspended on Sunday, but overall daily supply via Ukraine would remain at 42.4 mcm. Austria, which had been receiving 17 mcm, is now finding new buyers in Europe due to the suspension.

Slovakia confirmed it was still receiving gas from Russia, indicating that there is still a strong demand for Russian gas in Europe. Russian gas remains cheaper than many other sources, prompting quick resale of Austrian volumes by other companies. Austria has assured it has enough gas stocks to cover the shortfall and may import via Italy or Germany in the future.

Since the Ukraine war began in 2022, Russia has lost market share to Norway, the United States, and Qatar in supplying gas to Europe. With the Soviet-era pipeline via Ukraine set to close at the end of the year, remaining Russian flows to Europe may not continue much longer. The closure of the Yamal-Europe pipeline via Belarus and Nord Stream route has already occurred due to disputes and alleged explosions.



Read more at Investing.com: Russia resells more gas in Europe after cutting off Austria, sources, data show By Reuters