Gazprom shares plunge to 2009 lows: refinery strikes and market panic

Shares of the Russian energy giant Gazprom have hit a historic low, dropping to levels unseen since 2009. On the Moscow Exchange at the start of trading, the price of a single share fell to 99.9 rubles. Although the quotes partially recovered later, by the end of the day the company was still trading in the red — at 100.65 rubles, losing 3.67% of its value.

Factors contributing to the plunge

According to Reuters, several factors influenced the decline in share price. One of the key factors was the drone attack on a Moscow oil refinery owned by Gazprom Neft, a subsidiary of Gazprom. On the morning of June 18, the Armed Forces of Ukraine carried out the most massive attack on Moscow and the region: the refinery in Kapotnya was hit, and thick plumes of smoke rose over the city.

The consequences of the attack were not long in coming. Russian authorities introduced restrictions on fuel sales, queues of cars formed at gas stations, and gasoline prices rose sharply. Analysts from the International Institute for Strategic Studies (IISS) note that the strikes on Moscow caused panic among the population and provoked harsh criticism of the Kremlin.

Historical context and current situation

Over the past 12 months, Gazprom shares have lost about 20% of their value. Currently, the company's market capitalization is about 2.382 trillion rubles or $32.15 billion. For comparison: back in 2008, Gazprom management stated its intention to bring the company's value to $1 trillion.

Systematic strikes by Ukraine on Russia's oil refining infrastructure continue to put pressure on the country's energy sector. The incident with the attack on the Kapotnya refinery became one of the most resonant in recent times and directly affected investor sentiment.

What's next?

Experts warn that further developments will depend on the scale of damage to the plant, the effectiveness of measures to restore fuel supplies, and the overall geopolitical situation. For now, the market is reacting to every new strike on infrastructure, and Gazprom remains in a high-risk zone.