The European gas market is in turmoil: after an arbitration court awarded an Austrian energy company a large sum in compensation in a dispute with its Russian supplier, the former wants to offset the claim immediately, Commerzbank’s commodity analyst Barbara Lambrecht notes.
There is no longer any dependence on the Russian gas supplier
“According to media reports, the next payment date for gas deliveries is 20 November; however, there are concerns that deliveries may be interrupted before then. Yesterday, the European reference price TTF climbed to just under 46 EUR per mWh. However, there are also some facts that put this into perspective: Firstly, according to Eurostat, Austria only accounted for a good 3% of total EU gas imports in 2023.”
“Secondly, although the share of Russian supplies was over 80% of Austrian gas imports in recent months, it was significantly lower in 2023. And thirdly, the expiration of the transit agreement with Ukraine threatened to cut off gas supplies anyway. Not least for this reason, precautions were taken in advance. Since the storage tanks in Austria are over 90% full, there is no threat of supply bottlenecks in the short term.”
“Furthermore, according to the head of the Austrian energy company, there is no longer any dependence on the Russian gas supplier, as alternative sources have been found. Nevertheless, it cannot be denied that this makes the situation even more tense in an already nervous market environment.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

EUR/USD soars past 1.1200 as China's tariffs confirmed at 145%
EUR/USD soared beyond 1.1200 amid headlines confirming the latest round of tariffs, levies on Chinese imports reached 145%. Wall Street collapses amid renewed concerns that Trump's policies will hit the American economy. Soft US inflation data released earlier in the day adds to the broad US Dollar's weakness.

GBP/USD closes in to 1.3000 on renewed USD selling
GBP/USD resumed its advance and nears the 1.3000 mark, as speculative interest resumed US Dollar selling. Softer than anticipated US CPI figures and persistent tensions between Washington and Beijing over trade weigh on the American currency and Wall Street.

Gold resumes record rally, reaches $3,175
Gold extended its record rally on fresh tariff-related headlines, trading as high as $3,175 a troy ounce in the American session. The White House confirmed 35% levies on Mexico and Canada, 145% on Chinese imports, resulting in a fresh round of USD selling and pushing XAU/USD further up.

Cardano stabilizes near $0.62 after Trump’s 90-day tariff pause-led surge
Cardano stabilizes around $0.62 on Thursday after a sharp recovery the previous day, triggered by US Donald Trump’s decision to pause tariffs for 90 days except for China and other countries that had retaliated against the reciprocal tariffs announced on April 2.

Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.