Analysis-Hoping for cheaper gas to come, Europe reverses Russian link to tap storage

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Reuters UK

By Vladimir Soldatkin MOSCOW (Reuters) – Gas traders are relying on stockpiles to supply European buyers and avoid paying near record-high prices, industry sources and market analysts said, explaining the unusual reverse in direction of flows through a major Russian pipeline. The 33 billion cubic metre (bcm) Yamal-Europe Pipeline, which accounts for about one sixth of Russia’s exports to Europe and Turkey, has been in reverse mode since Dec. 21, meaning gas is being shipped east from Germany to Poland. In Poland, which failed to conclude a new gas supply deal with Russia last year, some trader…

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