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Germany Introduces New Gas Targets to Escape Russian 'Blackmail'

Friday, July 22, 2022
Germany Introduces New Gas Targets to Escape Russian 'Blackmail' © Reuters

By Geoffrey Smith

Investing.com -- The German government announced new measures to cut down on natural gas usage over the coming winter and thus escape "blackmail" by Russia, the latest sign that Europe's largest economy is preparing for a lengthy confrontation with Russia over its invasion of Ukraine.

Vice-Chancellor and Economy Minister Robert Habeck said the country will demand that gas storage operators fill their facilities further and faster than previously foreseen, while also announcing the reactivation of some of the country's most polluting power stations in order to reduce the amount of gas burned for electricity generation this winter.

Habeck said Germany's storage facilities, which are currently around 65% full, will have to be 75% full by the start of September, rising to 85% and 95% over the following two months. This is to avoid more dramatic rationing of supplies - notably to industrial consumers such as chemicals giant BASF or the automotive sector - over the coming winter.

The accelerated timetable for filling storage pushed up the front end of Europe's gas futures curve, reversing a sharp drop at the opening that happened as Gazprom (MCX:GAZP) confirmed the resumption of supplies through the Nord Stream pipeline after the end of a scheduled maintenance period. Longer-dated futures weakened, however, on expectations that the peak demand season in the middle of winter will be more manageable.

Habeck, who represents Germany's Green Party, also confirmed that the country will reactivate its reserve of brown coal-fired power stations from October, in another stark illustration of how the near-term energy crisis has displaced longer-term climate change at the top of the government's list of priorities.

At the same time, Habeck also sketched out more measures on how to conserve gas through the winter. Under one such measure, public buildings will not heat their corridors, and tenants will be freed from the obligation to keep their apartments above a certain temperature, a common element of many rental contracts designed to safeguard the fabric of buildings and their piping. On current projections, he estimated that the country will be able to cut its gas consumption by around 7% to 8% from last year, although the actual decline will be greater due to the mildness of the last winter.

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19-08-2022 15:16:57 (UTC+7)

EUR/USD

1.0083

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

EUR/USD

1.0083

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

GBP/USD

1.1886

-0.0044 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

USD/JPY

136.68

+0.81 (+0.59%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

AUD/USD

0.6899

-0.0019 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

USD/CAD

1.2977

+0.0030 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

137.82

+0.74 (+0.54%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

EUR/CHF

0.9661

+0.0008 (+0.09%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (0)

Gold Futures

1,765.85

-5.35 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

Silver Futures

19.142

-0.322 (-1.65%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Copper Futures

3.6258

-0.0057 (-0.16%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Crude Oil WTI Futures

89.64

-0.86 (-0.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

95.73

-0.86 (-0.89%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.096

-0.092 (-1.00%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

213.98

-0.82 (-0.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

Euro Stoxx 50

3,758.85

-18.53 (-0.49%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,283.74

+9.70 (+0.23%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

DAX

13,621.18

-76.23 (-0.56%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,535.35

-6.50 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Hang Seng

19,772.50

+8.59 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (3)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

IBEX 35

8,371.07

-59.23 (-0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

43.360

-0.080 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

53.44

-0.62 (-1.15%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (3)

Allianz SE VNA O.N.

176.76

-1.76 (-0.99%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Adidas AG

166.08

-1.44 (-0.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Lufthansa AG

6.354

-0.212 (-3.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Siemens AG Class N

109.84

-0.42 (-0.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

8.679

-0.189 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.0083↑ Sell
 GBP/USD1.1886↑ Sell
 USD/JPY136.68↑ Buy
 AUD/USD0.6899↑ Sell
 USD/CAD1.2977↑ Buy
 EUR/JPY137.82Neutral
 EUR/CHF0.9661Neutral
 Gold1,765.85↑ Sell
 Silver19.142↑ Sell
 Copper3.6258Sell
 Crude Oil WTI89.64↑ Sell
 Brent Oil95.73↑ Sell
 Natural Gas9.096↑ Sell
 US Coffee C213.98↑ Sell
 Euro Stoxx 503,758.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,621.18↑ Sell
 FTSE 1007,535.35↑ Sell
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,371.07↑ Sell
 BASF43.360↑ Sell
 Bayer53.44Neutral
 Allianz176.76↑ Sell
 Adidas166.08↑ Sell
 Lufthansa6.354↑ Sell
 Siemens AG109.84↑ Sell
 Deutsche Bank AG8.679↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,730
SJC HCM6,620/ 6,720
(0/ 0) # 1,749
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,751
SJC Danang6,620/ 6,722
(0/ 0) # 1,751
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,751
SJC Cantho6,620/ 6,722
(0/ 0) # 1,751
Cập nhật 19-08-2022 15:17:00
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ↀ Giá vàng thế giới
$1,752.64-5.94-0.34%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.62+0.280.31%
Brent$95.73-0.12-0.13%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 15:09:15 19/08/2022
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