Novatek Boss Says Gas Prices May Stabilize In Q2 2022 But Will Remain Above 2019 Low

(@FahadShabbir)

Novatek Boss Says Gas Prices May Stabilize in Q2 2022 But Will Remain Above 2019 Low

Leonid Mikhelson, the head of Russia's largest independent gas producer Novatek, predicted on Thursday that natural gas prices would stabilize in the second quarter of 2022, but their return to the 2019 low is unlikely

VERONA (UrduPoint News / Sputnik - 28th October, 2021) Leonid Mikhelson, the head of Russia's largest independent gas producer Novatek, predicted on Thursday that natural gas prices would stabilize in the second quarter of 2022, but their return to the 2019 low is unlikely.

"The winter will be rough but the market will start to stabilize from the second quarter, with prices going down dramatically. But we aren't likely to see prices return to the 2019 levels," he told the 2021 Eurasian Economic Forum.

Europe's gas prices have soared to a record high in the past two months.

Prices of the benchmark European TTF futures more than doubled in September after trading at an average $515 per 1,000 cubic meters in August, and hit their historic high of $1,937 in October.

Mikhelson said that surging gas and energy prices have forced consumers to use cheaper but more carbon-intensive fossil fuels with a much heavier environmental toll. He said government and regulators need to work together with consumers and producers to cool down the volatile market.