European Gas Prices Jump as Gazprom to Halt Supplies to Austria

December 6, 2024/in /by Rudolf Huber

Just for a short second. The gas is still coming to Austria but Gazprom sells it on the open hub instead of OMV under the long-term contract. If OMV needs the gas, it can still buy it on the hub. If not, it has obtained a good bit of contract flexibility this way plus a perfect way to either get out of the agreement altogether if they chose to or put Gazprom in a box when the madness is over. Still, OMV got pretty much everything wrong in this affair from the beginning. It had a pretty good starting position with massive LNG import capacity in the Netherlands and an opportunity in Italy. But that would have required foresight and this is in short supply.

OMV AG said Russia’s Gazprom PJSC has notified it that it will suspend natural gas deliveries to Austria on Nov. 16.

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