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Ukraine could help the European gas system balance this winter with above-average inventories giving the country the flexibility to turn down imports at times. Imports could respond to changes in European hub prices by reducing purchases from the EU if NCG prompt markets spike. And a drop in European exports to Ukraine might help offset lower German stocks heading into this winter.
This special feature from Argus European Natural Gas takes a forward view at Ukrainian and German gas market dynamics during winter 2017-18.
Ukraine winter outlook: Stocks provide flexibility