European natural gas benchmark Dutch TTF soared to 83 euros per megawatt-hour amid depleted storage levels and absent Qatari LNG shipments, while Brent crude climbed past $107 per barrel following fresh attacks in Saudi Arabia. Simultaneously, the European Union voiced support for an energy ceasefire initiative, and physical reactor start-up occurred at Bangladesh’s Ruppur Nuclear Power Plant built with Russian participation.
Global market
Dutch TTF natural gas futures surged to 83 euros per megawatt-hour, marking their highest level since early 2023 as European storage levels dropped well below 15-year lows without Qatari LNG imports. Crude markets tightened as Brent crude rose to $107.20 per barrel following new strikes on Saudi infrastructure. Speaking at the WPC Energy Congress in Riyadh, Saudi Energy Minister Prince Abdulaziz bin Salman warned that the Kingdom is prepared for a military response to Houthi attacks, emphasizing energy system resilience. In Washington, US Representative Brian Fitzpatrick introduced the Ronald Reagan Peace Through Strength Act to legally ban Russian diesel purchases.
Russia & CIS
EU High Representative Kaja Kallas announced that European Union foreign ministers support a Russia-Ukraine energy ceasefire, while Kremlin spokesman Dmitry Peskov confirmed ongoing discussions. In nuclear energy, first criticality was achieved at Unit 1 of Bangladesh’s Ruppur Nuclear Power Plant, constructed with Russian state corporation Rosatom. In Germany, Chancellor Friedrich Merz rejected any easing of sanctions on Russian diesel, whereas BSW party founder Sahra Wagenknecht urged Berlin to secure a direct diesel supply deal with Moscow. Meanwhile, Indian power plants faced critical coal shortages, causing industrial blackouts for small factories and smelters.
Armenia
The surge in European natural gas prices to 83 euros per megawatt-hour and Brent crude rising past $107 per barrel create a challenging external landscape for Armenia. Regional energy supply risks near the Persian Gulf and Black Sea maintain cost pressure on Transcaucasian energy transit routes. Despite global market volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas shipments from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU trade agreements shielding the domestic market from price fluctuations recorded by international market price assessments.