OIES Podcast – Impact of Russia-Ukraine War on Energy Markets Series – 11

In this latest OIES podcast James Henderson talks with Mike Fulwood and Jack Sharples about the current state of gas markets in the light of the Russia-Ukraine War. They discuss the recent research paper published by OIES entitled REPower EU and the Short-Term Outlook for the European Gas Market, which explores the impact of gas prices on demand in the EU as well as considering the key flows of gas into the continent. During the podcast Mike and Jack discuss current flows of pipeline gas and LNG into Europe, focussing in particular on the decline in Nord Stream 1 throughput due to compressor issues. They also consider current levels of injection into storage, the potential for an increase in Groningen production in the Netherlands and the decline in China LNG demand that has proved fortunate for Europe this year. They also highlight that achieving targeted levels of storage prior to winter 2022/23 is a necessary but not sufficient condition for Europe to come through the next 12 months unscathed and they raise concerns about the outlook for the gas supply-demand balance in 2023.