(If you don't, click on the Gazprom tag below.)
Well lookee here, what do we find ? - they've sold a decent-sized chunk to Centrica, priced 'at index' - i.e. by reference to UK spot gas prices ! Ain't a buyers' market a wonderful thing for all us consumers ? To think that this, from the Gazprom spin-machine, was only July !
"the gas pricing debate in Europe is nearing an inflection point with more and more commentators and counterparties accepting the longevity of the oil-price-link over the spot pricing model"
All very interesting, not to say highly gratifying, on at least three grounds.
- the principle at stake: They Were Wrong, and they know it
- fulfillment of a prediction: you read it here first
Well there you go. The laws of supply and demand can be suspended for a while, by sheer force of stubbornness - but only for a while. In the long run, this takes more money than, well, more than Gazprom can muster.
Welcome to the market. It has a way of making itself felt, even to unbelievers.