Gazprom retains forecast for average gas price in EU at $133 in 2020

19/08/2020 09:11 Natural Gas

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Forward gas prices at the Dutch TTF hub at the end of the year show a level of about $160 per 1,000 cubic meters, which is significantly higher than current spot prices

Gazprom still expects the average price of Russian gas in Europe this year to be around $133 per 1,000 cubic meters, a spokesperson of the Russian gas holding said on Tuesday at the VTB Capital Investments conference.

 

"Forward gas prices at the Dutch TTF hub at the end of the year show a level of about $160 per 1,000 cubic meters, which is significantly higher than current spot prices (about $90 per 1,000 cubic meters). This is in line with our current forecast for the average the price of Gazprom's supplies to Europe of about $133 per 1,000 cubic meters in 2020," the company’s representative said.

 

At the same time, Gazprom maintains its forecasts for the growth of world gas prices in Q4 2020 - Q1 2021. At the same time, the weather factor and the level of reserves in underground gas storages will have a significant impact on prices, the company’s representative added. "This year, traditional seasonal fluctuations have been accompanied by a sharp decline in demand from the restrictions due to the pandemic. This gives us reason to expect an increase in gas prices in the Q4 of 2020 - Q1 of 2021," he said.

 

Meanwhile, Gazprom's net debt to EBITDA ratio this year may exceed 2x due to worsening financial performance. But in 2021, as the situation on the markets improves, Gazprom's debt load should normalize. Gazprom will follow the earlier adopted dividend policy providing for an increase in the share of net profit directed to dividends, despite the challenging international market situation.

Source: tass.com

 

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