Gazprom reported that gas reserves at the Baltic region’s Inchukalns underground storage facility dropped to a record low of 49%, warning of severe winter risks for European markets. Meanwhile, IAEA Director General Rafael Grossi initiated urgent talks for a localized ceasefire around the Zaporizhzhia Nuclear Power Plant following new drone attacks.
Global market
Residual fuel oil stocks in Singapore rose 4% in September to average 19.75 million barrels, according to Enterprise Singapore data, while middle distillate inventories increased to 8.47 million barrels. On maritime security, BIMCO’s Maritime Safety & Security Committee convened emergency meetings on September 30 and October 1 to address escalating drone attacks and navigation risks in the Strait of Hormuz, Red Sea, and Black Sea. In shipping freight, the Drewry World Container Index edged down 1%, while tanker operators increasingly deployed wind-assisted propulsion systems to lower fuel consumption. Additionally, the Indian ship recycling market showed signs of recovery as scrap metal prices stabilized following recent drops.
Russia & CIS
Inchukalns underground gas storage in the Baltic region fell to an unprecedented 49% capacity as of October 1, according to Gas Infrastructure Europe data cited by Gazprom. Gazprom Chief Executive Alexey Miller warned that European storage levels remain below historical benchmarks, creating severe risks for the upcoming heating season. In nuclear security, IAEA Director General Rafael Grossi opened negotiations for a new localized ceasefire around Zaporizhzhia NPP after receiving reports of multiple drone strikes threatening plant safety. Separately, a fatal rockfall at the Cheremukhovskaya-Glubokaya mine in Sverdlovsk Region resulted in one fatality, briefly impacting regional mining operations.
Armenia
Iraq and Turkey initiated negotiations on long-term oil and gas cooperation and pipeline transit, news.am reported, marking a key energy shift in neighboring regions. In domestic energy discussions, local media and the Zhoghovurd publication analyzed renewable energy projects in Vardenis while noting the loss of Sotk wind power infrastructure. Despite regional transit shifts and shipping security concerns, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas supplies and operations at the Armenian Nuclear Power Plant continue reliably under long-term EAEU trade agreements shielding domestic consumers from global market volatility recorded by international market price assessments.