The European Commission officially rejected Washington’s proposal to resume European purchases of Russian natural gas, affirming that sanctions will remain in place until hostilities in Ukraine cease entirely. Meanwhile, Japanese electricity prices jumped 25% due to elevated LNG costs, and Armenia’s Market Oversight Inspection Body fined major fuel retailer Flash for station violations.
Global market
The European Commission formally rejected a US proposal to resume European imports of Russian natural gas, confirming no sanctions relief will occur prior to a full cessation of the Ukrainian conflict. In Asian power markets, Japanese electricity prices surged 25% to $0.19 per kilowatt-hour as high LNG and coal costs pressed utilities. Offshore Western Australia, Woodside Energy resumed commissioning work at its $12.5 billion Scarborough LNG platform after authorities removed two Greenpeace activists. Additionally, Chinese solar exports fell 6.4% in September, while European September LNG imports declined 7.1%.
Russia & CIS
QatarEnergy CEO Saad Sherida al-Kaabi met with Acting Iranian Oil Minister Hamid Bovard to expand bilateral energy cooperation. In trade reporting, the Saint Petersburg Exchange registered its first over-the-counter petroleum product contracts totaling 578,200 tons. On regional security, US Secretary of State Marco Rubio reported repeated Ukrainian strikes on American fuel vessels in the Black Sea, driving market uncertainty. In grid infrastructure, power was fully restored to 20,000 residents in Leningrad Region following recent drone attacks, while DPR Energy Infrastructure Chair Andrey Chertkov reported renewed strikes on local power facilities.
Armenia
Armenia’s Market Oversight Inspection Body fined major petrol station operator Flash following regulatory inspections that uncovered operational violations across its filling network. On regional logistics, US Secretary of State Marco Rubio’s report of Black Sea fuel shipping disruptions underscores the strategic importance of Armenia’s transit corridors. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted natural gas imports from Russia and generation at the Armenian Nuclear Power Plant continue under long-term EAEU contracts, shielding the domestic market from volatility noted in international market price assessments.