European natural gas prices hit a yearly high amid Russia

Earlier today,Asia's largest foreign exchange trading market Russian President Vladimir Putin held a meeting with the heads of the Ministry of Defense and security departments to discuss the situation in Kursk. The Chief of the General Staff of the Russian Armed Forces, Gerasimov, reported that approximately 1,000 Ukrainian Armed Forces personnel were involved in the attack on the Kursk region.

Gerasimov stated that the advance of Ukrainian forces into Russian territory has been halted, with Ukrainian casualties amounting to 315, including at least 100 deaths. The Russian military's operations in the Kursk region will be completed once the enemy is defeated and the border is reached.

Around 1 AM Beijing time, the acting governor of Russia's Kursk region, Smirnov, announced that due to the ongoing severe situation in the border areas of the region, a state of emergency would be implemented in Kursk from August 7.

It has been reported that Ukrainian forces have taken control of an important gas transit station in Sudzha, located in the Kursk region. Traders have been wary of potential disruptions at this transit point, as it is currently the only import point capable of transporting Russian gas through Ukraine to Europe.

In response, Sergiy Makogon, the former CEO of the Ukrainian Gas Transmission Service Company, stated to the media, "The gas flow is stable with no changes. If Ukraine wanted to stop the flow, there would be no need to occupy Sudzha."

Other analysts believe that the rise in gas prices on Wednesday "may have exaggerated the threat to supply, as the transport through this route only meets 3-5% of Europe’s demand, and Europe's inventory levels are near record highs."

However, the possibility of an escalation in the Russia-Ukraine conflict has increased. Shortly before this report, Russian President Putin stated that the Ukrainian Armed Forces' attack on the southern Russian region of Kursk was yet another "large-scale provocation."

The Russian Ministry of Health announced that 31 people were injured in the attack on the Kursk region, including six children.

Additionally, reports indicate that due to the significant drop in gas prices this year, major U.S. natural gas producers plan to further cut production in the second half of 2024.

The Chief Financial Officer of EQT Energy, the largest natural gas producer in the United States, stated during an earnings call that if the market remains depressed, the company will execute a strategic reduction of approximately 90 billion cubic feet equivalent.

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