EU Gas Traders Ignore Ukraine Rejection as Talks Continue - Bloomberg:
"Europe’s natural gas traders are betting the risk of supply cuts hasn’t increased after Ukraine rejected a Russian price proposal as the European Union says an agreement can be reached in the next few days.
The premium of winter gas to the day-ahead contract in the U.K., Europe’s biggest market, declined 8.2 percent yesterday, according to broker data compiled by Bloomberg. That signals traders aren’t more concerned about supply in the colder six months from October. Ukraine rejected Russia’s offer to sell gas for about 20 percent below the current price, saying the discount could still be canceled in future.
The EU, which relies on Russian gas shipped through Ukraine for 15 percent of its needs, is trying to broker a deal to solve the price dispute and avoid disruptions as in 2006 and 2009. Russia extended a deadline for Ukraine to make payments for previous gas deliveries to June 16, state-controlled exporter OAO Gazprom said yesterday. The International Monetary Fund gave Ukraine a $17 billion aid package last month, which it says can be used to pay for gas debt."
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