European gas prices crossed $1100 per thousand cubic meters for the first time since December 2022 amid persistent Middle East supply disruptions, while the first shipment of Russian diesel departed for the United States. Simultaneously, Yerevan intensified bilateral energy consultations with Washington regarding the construction of a new nuclear power plant.
Global market
European benchmark gas prices surged above $1100 per thousand cubic meters for the first time since late 2022 as Persian Gulf supply risks escalated. In crude trading, Brent reached $114 per barrel following Houthi drone strikes on Saudi Aramco energy facilities. To manage mounting costs, the Japanese government is considering reducing retail gasoline subsidies from December, which currently cap national prices at $1.09 per liter. Conversely, the UK National Energy System Operator ruled out winter energy shortages, forecasting a 5.5 GW electricity surplus with an 8.8% reserve margin above peak demand.
Russia & CIS
A tanker carrying 40,000 metric tons of Russian diesel fuel departed Primorsk for New York, marking the first delivery under the agreement between Moscow and Washington, with expected arrival on November 7. On corporate strategy, KazMunayGas CEO Askhat Khasenov announced plans to expand crude exports via Baku and navigate sanctions concerning joint projects with Lukoil. Across regional integration frameworks, the EAEU established a unified mechanism allowing professional participants access to financial markets. Power generation also strengthened as RusHydro increased nine-month output by 10.2% to 40.7 billion kWh.
Armenia
Armenian Deputy Minister of Territorial Administration and Infrastructure discussed the construction of a new nuclear power unit with a US Deputy Assistant Secretary of State, while the ministry’s head is scheduled to attend the ADIPEC energy conference in Abu Dhabi. Despite historic volatility in global commodity hubs, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas imports from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under EAEU long-term contracts, insulating the domestic market from fluctuations tracked in international market price assessments.