[ROCKMAN]

MOSCOW, Dec 30 (Reuters) - Russian gas exports to Europe in 2013 jumped 16 percent year on year to reach a record high of 161.5 billion cubic metres, preliminary data from Gazprom Export showed on Monday, as shipments from Norway and other sources decreased. The data from the export arm of Gazprom covers supplies to the European Union and Turkey under long-term contracts and excludes Gazprom's trading activity. Gazprom Export said the average Russian gas price in Europe stood at slightly above $380 per 1,000 cubic metres, which was below the $400 registered in 2012, when exports slumped by 7 percent to 138.8 bcm

I did the math: the EU and Turkey bought about $61 billion worth of NG from Russia.

[radon1]

I did the math: the EU and Turkey bought about $61 billion worth of NG from Russia.

Less than 3% of the Russian GDP, which is surprisingly low.

[Tanada]

MOSCOW, Dec 30 (Reuters) - Russian gas exports to Europe in 2013 jumped 16 percent year on year to reach a record high of 161.5 billion cubic metres, preliminary data from Gazprom Export showed on Monday, as shipments from Norway and other sources decreased. The data from the export arm of Gazprom covers supplies to the European Union and Turkey under long-term contracts and excludes Gazprom's trading activity. Gazprom Export said the average Russian gas price in Europe stood at slightly above $380 per 1,000 cubic metres, which was below the $400 registered in 2012, when exports slumped by 7 percent to 138.8 bcm

I did the math: the EU and Turkey bought about $61 billion worth of NG from Russia.

Winter has been cold/warm/cold in the Great Lakes (really cold at the moment) so here all the natural gas utilities are ready to celebrate year end bonuses. What has the weather in Europe been like this fall/winter heating season? Is use up so much because temps are down compared to last year, or is it because the price is lower so people turned the thermostat up a few degrees?

[dolanbaker]

So far in the west (Ireland) it has mainly been wet -n- windy, this usually means few extremely cold periods, therefore no excessive drawdown of winter fuel stocks yet.

In other news. Latvia joins the Euro

http://www.bbc.co.uk/news/business-25332243
On the road from St Petersburg to Valmiera in northern Latvia, an ornate tower is all that remains of the tsarist-era manor house Valmiermuiza. Traditional Latvian beer was once brewed here for thirsty Russian aristocrats on their way to Western Europe.

Now, as the eurozone prepares to take in Latvia on 1 January, it looks like Western Europe is heading this way instead.

[radon1]

Very warm around Moscow, +3-5C, more like spring. Even green grass at some places.

[argyle]

MOSCOW, Dec 30 (Reuters) - Russian gas exports to Europe in 2013 jumped 16 percent year on year to reach a record high of 161.5 billion cubic metres, preliminary data from Gazprom Export showed on Monday, as shipments from Norway and other sources decreased. The data from the export arm of Gazprom covers supplies to the European Union and Turkey under long-term contracts and excludes Gazprom's trading activity. Gazprom Export said the average Russian gas price in Europe stood at slightly above $380 per 1,000 cubic metres, which was below the $400 registered in 2012, when exports slumped by 7 percent to 138.8 bcm

I did the math: the EU and Turkey bought about $61 billion worth of NG from Russia.

This is because we had a very late winter and cold spring. It only got cold here just before the new year (last year), and that lasted pretty long. So normal 2011 heating was moved to beginning of 2012 (with the above result).

Currently it's very mild.. more like autumn still. (+9°C here in Belgium). I guess this will change quickly when wind from the North, North-East comes in.. but when that will happen, and how long is the big question..

[ROCKMAN]

And in Texas we've had unusually long cold snaps for this time of the year. Nothing severe...we seldom go below freezing along the coast throughout the winter season.

[copious.abundance]

Euro zone manufacturing PMI rises to 32-month high of 53.9 in January

Manufacturing activity in the euro zone expanded at the fastest pace since May 2011 in January, fueling optimism over the health of the region’s economy, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index inched up to a seasonally adjusted 53.9 this month from a final reading of 52.7 in December. Analysts had expected the index to rise to 53.0 this month.

Meanwhile, the preliminary services purchasing managers’ index increased to a seasonally adjusted 51.9 this month from a reading of 51.0 in December. Analysts had expected the index to ease up to 51.4.

[ROCKMAN]

Of course they are happy: when you've been sitting in the bottom of the toilet bowl for a few years being able to reach up and grab the rim makes for a good day. LOL.

[kublikhan]

Meanwhile manufacturing in China slips into contraction:

Activity in China's factory sector contracted in January for the first time in six months, a preliminary survey showed on Thursday, pointing to a weak start for the economy in 2014 as policymakers seek to curb high debt levels to head off financial risks. Weighed down by weaker domestic and export demand, the flash Markit/HSBC Purchasing Managers' Index (PM) fell to 49.6 in January from December's final reading of 50.5, dropping below the 50 line which separates expansion of activity from contraction.

"Such a reading highlights the deteriorating growth outlook as policymakers are tightening their monetary stance, pushing through with an austerity campaign, and withdrawing stimulus measures. The reading points to a further slowdown in manufacturing and the entire economy in Q214. We maintain our below-consensus forecast for 2014 GDP growth of 7.2 percent. This implies softening growth momentum for manufacturing sectors, which has already weighed on employment growth."

A Reuters visit to southern China's manufacturing heartlands this month showed many factories have closed earlier than usual for the upcoming Lunar New Year, the nation's biggest holiday, discouraged by weak orders and rising costs.

China factory contraction shows weak start for economy in 2014

[copious.abundance]

Last time I looked, China wasn't in the Eurozone.

[kublikhan]

I looked for the Asia thread but could not find it. Please send me the link and I'll repost it there.

[copious.abundance]

This would seem to be the right thread for that:
china-s-economy-merged-t60041.html

[kublikhan]

That's a 5 year old archived thread that is no longer active. Should we start a new Asia thread? I don't think we really need 3 threads for following the latest economic news. Maybe we should merge all of the economic news threads into 1?

[copious.abundance]

Someone did last post in that thread a few years ago. Seems to me it might be a good idea to get the thread active again? After all, there's lots of Chinese economic news that seems to get talked about around here. Though maybe it should be moved from the Asia section to this section???

[kublikhan]

That thread is no good it's in the members only section. I wanted a thread that shows up on active topics. I guess I'll just start a new Asia economics thread in the economics forum.

[Tanada]

That thread is no good it's in the members only section. I wanted a thread that shows up on active topics. I guess I'll just start a new Asia economics thread in the economics forum.

The most recent china economics forum thread is from last June peakoil.com/forums/post1152864.html or you can start a new one if you want.

[dolanbaker]

http://www.bbc.co.uk/news/business-25894050
The head of the International Monetary Fund (IMF) has warned that deflation remains a real risk to economic recovery in the eurozone.

Despite signs of recovery across the world, Christine Lagarde said that potential risks must not be ignored.

One of these was the fact that eurozone inflation, at 0.8%, remained "way below" the 2% target set by the European Central Bank (ECB).

She was speaking on the final day of the World Economic Forum, in Davos.

Deflation can hinder growth, as prices and the value assets continue to fall.

[dolanbaker]

http://www.bbc.co.uk/news/business-26063083
The head of the European Central Bank (ECB) has said deflation is not a threat to the eurozone economy.

The ECB kept its benchmark interest rate at 0.25% after its latest meeting. The rate was cut to its current record low in November.

ECB president Mario Draghi said: "We have to dispense with this idea of deflation. The question is - is there deflation? The answer is no."

Eurozone inflation slowed to 0.7% in January from 0.8% in December.

The figure fuelled worries about whether the euro bloc could suffer deflation, potentially de-railing economic growth.

It won't grow, regardless of what they do.

[argyle]

http://www.bbc.co.uk/news/business-26063083
The head of the European Central Bank (ECB) has said deflation is not a threat to the eurozone economy.

The ECB kept its benchmark interest rate at 0.25% after its latest meeting. The rate was cut to its current record low in November.

ECB president Mario Draghi said: "We have to dispense with this idea of deflation. The question is - is there deflation? The answer is no."

Eurozone inflation slowed to 0.7% in January from 0.8% in December.

The figure fuelled worries about whether the euro bloc could suffer deflation, potentially de-railing economic growth.

It won't grow, regardless of what they do.

It isn't looking all good indeed.. just hope deflation won't set in.. then again, what would happen if they would print money in the same amounts the Fed Reserve would do?