Frenzy in the European gas market is not letting up at all since the beginning of autumn. On September 20, the exchange price of gas in Europe once again reached $900 per a thousand cubic meters (last time a situation like this was recorded earlier in the month, on September 15, when the price even exceeded $950). Gazprom was immediately blamed by both European and American politicians. Thus, US State Department’s Senior Advisor for Energy Security said Russia should increase gas supplies to Europe through Ukraine at the earliest, due to the lack of its own reserves ahead of wintertime. The International Energy Agency (IEA) also urged Russia to increase gas supplies to the EU. "The IEA believes that Russia could do more to increase gas availability to Europe and ensure storage is filled to adequate levels in preparation for the coming winter heating season," the agency said in a press release.

Green Party's candidate for German chancellor Annalena Baerbock also pointed to Russia's current reluctance as regards supplying gas to Europe in order to increase political pressure and speed up the approval process for Nord Stream 2. As you know, the German Greens do not welcome this gas transportation project. (September 26 saw an election take place in Germany; and it will soon become finally clear who will take the helm and what his/her stance on Nord Stream 2 will be. So far, "coalition" processes between the parties are in full swing to form a ruling majority, following which a new chancellor will be elected).

The Russian giant's management considered all the accusations incongruous, corroborating this with progressive gas supply statistics, with exports having increased as of the first half of 2021 to keep with the ceiling of contractual pumping. Moreover, Gazprom keeps supplying proper volumes under long-term contracts. Otherwise, the company would have mired in claims from counterparties.

In fact, the European spot market rally is still ongoing largely due to the lack of LNG from the United States. American methane tankers now head for countries of the Asia-Pacific region (APR) or South America, where delivery margin is even higher (than to Europe). Europe receives no promised tanker "caravans" with LNG from the USA.

Meanwhile, record prices for blue-sky fuel in Europe already forced the authorities of some EU countries to institute emergency measures aimed at limiting gas and electricity tariffs. Energy companies have begun sliding into bankruptcy. And production gets suspended sometimes. For instance, two American-controlled fertilizer plants have been closed down in the UK. Similar news are coming from the Baltic States. In the past, such gas price surges were relieved by switching to the rival fuel, i.e. coal. Today this has become more difficult over the stepped-up pace of energy transition. Many coal plants are closed, and coal itself is getting increasingly expensive. In general, Europe seems to have reached the verge of an energy crisis. Wintertime has not yet come, and it may prove very cold, like it was last year. There’s more where that came from.

Still, the launch of Nord Stream 2 may allay the European gas market frenzy, and stock prices may recede if Gazprom starts pumping gas as part of the new system. After all, Gazprom reasonably opted out of the practice of reserving incremental capacities of Ukraine's natural gas transmission system, which alarms European buyers. But Nord Stream 2 needs system certification to start exporting gas. It was only on September 13 that the Federal Network Agency of Germany (Bundesnetzagentur, BNetzA) embarked upon processing Nord Stream 2 AG's claim for certification as an independent transport operator. And there are four months ahead to consider the application. After that, the draft decision will still to be assessed by the European Commission. This may take two months. Even the Polish PGNiG company is engaged, although it won't be able to halt the process by using the right of veto.

But the imminent start of the heating season in Europe and growing gas prices prompt sped-up certification for Nord Stream 2. Gazprom is ready to dynamically load the new pipe, which is necessary for both European business and economies in general. But not for the Eurocracy opposing Gazprom.

The US is keeping up pressure either. The Senate's international committee will have the case heard in private on September 29 to discuss measures taken by the US administration as regards the Nord Stream 2 gas pipeline. This is regardless of the main line's having been completed. Meanwhile, Gazprom keeps record of its successes in Europe, one of them being the long-term gas contract signed with Hungary on September 27.