Russia-Owned Energy Giant Strikes Natural Gas Deal With Pro-Putin Hungary After Stopping Supply To Italy

Zinger Key Points
  • Hungary has won a three-year delay on gas bills coming due in the next six months.
  • The agreement is between Gazprom and Hungary’s state-owned energy company MVM Zrt.
  • Additional purchases of natural gas from Gazprom will lead to an extra cost of 740 billion forint ($1.7 billion) this year.
Russia-Owned Energy Giant Strikes Natural Gas Deal With Pro-Putin Hungary After Stopping Supply To Italy

Russian energy giant Gazprom PJSC OGZPY will reportedly permit Hungary to delay payments for natural gas if necessary, as surging imports threaten to derail the country’s strained budget. 

The move comes days after the company suspended natural gas deliveries to Italy in an apparent tussle over regulation in Austria.

What Happened: Hungary has won a three-year delay on gas bills coming due in the next six months, reported Bloomberg citing the Economic Development Ministry.

Also Read: Best Natural Gas ETFs Right Now

At €300 ($292) per megawatt-hour, that would amount to €3.5 billion to €4.5 billion, the report said, quoting the ministry. The agreement is between Gazprom and Hungary’s state-owned energy company MVM Zrt.

Natural gas prices in Europe dropped, with the benchmark futures declining 10%, in the wake of signs the continent will be able to navigate this winter with sufficient inventories, an influx of LNG and steps taken by the European Union to contain the crisis.

Owing to the war in Ukraine and supply issues, natural gas prices have witnessed bouts of volatility this year, hitting their peak in August before prices dropped. 

Price Action: The United States Natural Gas Fund, LP UNG has gained over 75% this year while the First Trust Natural Gas ETF FCG gained over 35% in 2022. Gazprom shares closed 0.86% down in Russia.

Why It Matters: The development comes as a much-needed relief for Hungary as billions of euros in EU funding are locked over concerns about corruption under Prime Minister Viktor Orban, according to the report. International reserves are not enough to cover at least three months of imports and the Hungarian currency forint is trading at an all-time low despite the EU’s highest key interest rate, partly due to Hungary’s dependence on imported Russian gas, it said.

The cost of oil and gas imports surged to an estimated $19 billion this year from $4 billion in 2019, the report said citing government data.

According to Finance Minister Mihaly Varga, additional purchases of natural gas from Gazprom, on top of Hungary’s long-term contract, will lead to an extra cost of 740 billion forints ($1.7 billion) this year and widen the budget deficit to 6.1% of gross domestic product from a targeted 4.9%, the report said.

Interestingly, Turkish officials have asked Russia to delay a portion of the country’s payments due for natural gas, according to a Bloomberg report.

Read Next: Watch: Nord Stream Pipeline Leaks Cause 1-Km Of Gas Bubbles In Baltic Sea; Germany, Denmark, Sweden Allege Sabotage

 

Posted In: EurasiaHungaryRussia-Ukraine WarViktor OrbanVladimir PutinGovernmentNewsSector ETFsCommoditiesPoliticsMarketsMediaETFsGeneral

11 Best Black Friday Deals on Amazon

11 Best Black Friday Deals on Amazon

The best Black Friday deals from Amazon are still coming hard and fast because the holiday is not yet upon us and the mega-retailer prefers to keep consumers on the hook for as long as possible—spending as much money as possible. 

To that end, here are some of the best Black Friday deals from Amazon that you might want to consider today.

Calphalon 10-Piece Pots and Pans Set

Regular Price: $172

Sale Price: $138.88

Calphalon’s 10-Piece Pots and Pans Set is designed with stainless steel, stay-cool handles along with pour spouts. The nonstick surface is PFOA-free and built with hard-anodized aluminum that is both durable and conducts heat extremely well. The set includes 2 fry pans, a sauce pan with cover, saute pan with cover and large stock pot with cover.

Apple AirPods 2nd Generation

Regular Price: $144

Sale Price: $85.49

The 2nd Generation AirPods from Apple connect to all Apple devices and give you an enhanced listening experience. Plus, they come with a case that keeps them safe and allows you to charge them in a secure environment. With over 24 hours of battery life, access to Siri and easy setup, you can start listening to your favorite tunes or podcasts today.

Adidas Ultraboost 21 Running Shoes

Regular Price: $129.98

Sale Price: $89.98

The Adidas Women’s Ultraboost 21 running shoe is perfect for anyone who likes a short run, maybe a 5K, half marathon or more. Coming in several colors and styles, you can slip these shoes on, enjoy the cushioned outsole, sink into the supple insole and secure laces.

Ninja AF101 Air Fryer

Regular Price: $129.99

Sale Price: $97.83

The Ninja AF101 Air Fryer allows you to crisp, roast, reheat and even dehydrate food products faster and cheaper than ever before. It has a 4-quart capacity and offers a wide temperature range along with several time settings so that you can customize each dish to your needs. Plus, all the parts are dishwasher safe.

Beats Solo3 Wireless On-Ear Headphones

Regular Price: $199.95

Sale Price: $99

Beats by Dr. Dre are among the best headphones on the market, and the Solo3 Wireless On-Ear Headphones include the Apple W1 chip, Class 1 Bluetooth and 40 hours of battery time. These headphones even have a built-in microphone and offer an adjustable fit so that you can be comfortable whether you’re listening to an Android or iOS device.

Hoover Power Scrub Deluxe Carpet Cleaner

Regular Price: $198.98

Sale Price: $175.98

The Hoover Power Scrub Deluxe Carpet Cleaner allows you to keep your home spotless and clean up after your pets. The cleaner comes with the Hoover Paws and Claws Deep shampoo and a storage mat to keep the floor dry once it’s put away.

LG CordZero Auto Empty Cordless Stick Vacuum

Regular Price: $999.00

Sale Price: $851.71

The LG CordZero Auto Empty Cordless Stick Vacuum and Wet Mop All in One Tower is designed to work in homes with several pets or children and clean up all the messes that life brings. The battery lasts up to 2 hours, and there’s an extra removable battery that gives you even more cleaning time and power.

Breville Fresh and Furious Blender

Regular Price: $278.60

Sale Price: $199.95

Breville, a top name in blenders and juicers, offers the Fresh and Furious Blender, featuring 50-ounce capacity, Vac Q technology, pre-programmed cycles, LCD display and lid with pull ring. With the Fresh and Furious Blender, you can make everything from a smoothie to a soup and everything in between.

Hot Tools Professional 2000 Turbo Ionic Hair Dryer

Regular Price: $89.99

Sale Price: $55.63

The Hot Tools Professional 2000 Turbo Ionic Hair Dryer is designed for professional use, but it works perfectly in the home. With 1875 watts of power, 6 heat and speed settings and a lightweight design, you can easily style your hair and utilize the diffuser, cut back on the frizz and stretch the 8 ft cord for maximum functionality.

Columbia Heavenly Long Hooded Jacket

Regular Price: $160

Sale Price: $97.38

The Heavenly Long Hooded Jacket from Columbia is designed to be light for everyday use, but it’s heavy enough to protect you from the cold. The plush fleece lining, security pocket, water resistant fabric, 2-way zipper, and zippered hand pockets make the jacket both protective and functional.

ConAir InfinitiPro Hair Dryer

Regular Price: $49.99

Sale Price: $29.99

ConAir is one of the biggest names in hair and beauty, and the InfinitPro is an 1875 watt hair dryer designed for professionals with ceramic technology. The dryer comes with a diffuser and concentrator, and it allows you to blow out your hair just the way they would at the salon.

Deals the Experts Are Hoping For

Experts believe that Amazon’s Black Friday sale could linger for quite some time. It all started with the Prime Early Access sale on October 11 and 12. Previously, Amazon has offered the “Epic Deals” sale that ran through late October. 

This is to say that any sale could come up at any time. 

Even so, those monitoring Amazon are looking forward to a few potential deals, including:

  • Apple Watch
  • AirPods (any generation)
  • MacBook Pro
  • Large, underpriced TVs
  • Amazon Echo
  • More small home appliances (Dyson or Shark vacuums, Instant Pots, etc.) 

While these predictions are based on last year’s Amazon Black Friday Sale, it’s important to remember that most Black Friday sales are fairly consistent and push the products that are most likely to sell.

 

Featured image sourced from Shutterstock

Posted In: Partner ContentGeneral