The Dutch gas network operator warned that the Netherlands will fail to meet its winter gas storage targets, driving European gas prices to a five-month high. This fuel supply squeeze, combined with blistering summer heatwaves straining Europe’s electricity grids, has heightened the risk of regional blackouts.
Global market
The Dutch state-owned gas network operator Gasunie announced on Wednesday that the Netherlands will miss its strategic target of filling gas storage facilities to 115 terawatt-hours (TWh) before the winter. This supply shortfall has propelled European benchmark natural gas prices to a five-month high, cementing gas as the primary driver of European inflation. To protect consumers from skyrocketing wholesale gas prices, UK energy regulator Ofgem raised the quarterly energy price cap by 4% for October through December 2026. This energy crisis is exacerbated by extreme summer heatwaves across Europe that are straining power grids and nuclear power stations, increasing the risk of rolling blackouts.
Simultaneously, the U.S. Energy Information Administration (EIA) reported that US commercial crude oil stockpiles increased by 100,000 barrels to 428.9 million barrels in the week ending August 21, remaining 1% above the five-year average. In South America, India’s state-owned oil giant ONGC plans to invest $200 million to revive crude production at the Venezuelan San Cristobal field, where its overseas unit ONGC Videsh Ltd owns a 40% stake alongside Venezuelan state firm PDVSA, which holds the remaining 60%.
Russia & CIS
In Russia, retail petrol prices surged 0.9% in the week ending August 24, with average consumer prices rising by 67 kopecks, according to Rosstat. This weekly acceleration follows a 6.5% monthly jump in July, representing a massive 25.9% year-on-year price increase for Russian motorists. Driven by these domestic fuel shortages, Punkt E Deputy General Director for Development Alexander Mironenko reported a 200% surge in electric vehicle (EV) charging station franchise demand since the start of summer, with the company’s network now spanning 1,600 stations across 60 Russian regions and two CIS nations.
Meanwhile, Russia’s total natural gas production in the first seven months of 2026 grew by 3.7% year-on-year to 397 billion cubic meters, while liquefied natural gas (LNG) production jumped 12%. Conversely, domestic power generation edged down by 0.1% to 693 billion kWh. On the safety front, Amur Oblast Governor Vasily Orlov confirmed that all fires at the under-construction Amur Gas Chemical Complex have been fully extinguished, allowing a specialized ministry rescue aircraft to evacuate nine critically injured workers to clinics in Moscow.
Armenia
While Armenia did not record any direct changes to its domestic fuel prices or utility tariffs on August 26, the sharp 0.9% weekly increase in Russian retail petrol prices and the rise in European natural gas to five-month highs highlight the value of regional energy protection. Armenia’s retail markets for petrol, diesel, and natural gas remained completely stable, insulated from global and regional price shocks.
This stability is maintained through Yerevan’s strategic integration within the EAEU. Preferential bilateral trade treaties with the Russian Federation guarantee the uninterrupted and duty-free import of Russian natural gas and petroleum products at stable, long-term fixed rates. This non-market administrative model shields Armenian consumers from international price spikes and ensures that local tariffs do not fluctuate based on volatile international market price assessments.