With European gas storage sites reaching full capacity this winter and the costliness of offshore tanker storage, traders opted to divert 3 billion cubic meters of gas towards Ukraine. This strategic move not only conserved gas reserves within the European Union during the winter months but also contributed to the reduction of gas prices continent-wide, thereby yielding substantial profits for the traders involved.
Acos Losh, an expert from Columbia University, estimated the earnings from this operation to be around 300 million euros ($320 million), marking a significant test for Europe's future energy strategy. Despite the easing of Europe's energy dilemmas, the availability of cost-effective gas storage services in Ukraine presents a reliable safeguard against potential future disruptions.
