In Europe, natural gas prices have been volatile during the week with little upside. There was a high trading activity on the UEEX, and the quotations of the natural gas resource also increased.
Natural gas imports amounted to about 52 mcm last week, and fell below the level of domestic production - 55 mcm. The other main indicators of the GTS of Ukraine were significantly influenced by weather conditions. UGS gas injection has decreased by almost 80% from last week, due to the cooling. Consumption increased by 33% to nearly 100 mcm/day. It should be noted that for the same period of 2018, the offtake from UGS has already started, amounting to 0.5 mcm/day. Currently, there is no offtake and gas injection is still continuing, but the injection rate is minimal. There are 21.76 bcm have been accumulated in storages. The decrease in imports is reflected in capacity utilization at the border: a 40% decrease on November 1 compared to last week. Allocated capacity was 34 mcm and accounted for 51% of the technical. The high utilization of capacity at the border with Poland remains, as well as a sharp decrease in other directions - Hungary and Poland.
Denmark has issued a building permit for Nord Stream-2. It is stated that the permit was granted for construction on the continental shelf southeast of Bornholm in the Baltic Sea. The Danish Energy Agency has assessed that this route is the safest and most environmentally friendly. North Stream-2 was virtually completed but Denmark was the last country to issue a building permit. It is expected that North Stream-2 may go live by the end of this year.
Rada approved the law on unbundling. 341 people’s deputies voted for the corresponding decision. The draft lawl is a fulfillment of international obligations and a prerequisite for certification - confirmation of compliance of Ukrainian energy legislation with European. "It guarantees the energy security of Europe, enhances our resilience in the international arena," said Oleksii Honcharuk. At the same time, the Head of Government emphasized that the Ukrainian gas transmission system remains 100% state-owned.
The European Commission has reduced the number of gas-related projects listed as priorities.
The list, published by the EC on October 31, includes 151 drafts and will be considered for approval within two months by the European Parliament and the European Council. It covers 32 gas projects, less than 53, two years ago, and only one was included for the first time: a plan to develop an LNG import terminal in Gdansk, Poland. The reduction in the number of gas projects supported by the EC reflects a shift in the position on the fossil fuel. The European Investment Bank (EIB) that typically helps in financing projects shall decide this month whether to suspend crediting all fossil fuel projects by the end of 2020.