What's going on?

Gazprom reported better-than-expected results on Monday, as Europe lined up all day and all night to get its hands on the natural gas producer�s exclusive product.

What does this mean?

Russia�s Gazprom was already basking in rising natural gas prices last quarter, as Europe � the company�s biggest export market � continued to wrestle with the ongoing shortage. But there�s more to the story here: the Russian government also effectively limited how much gas Gazprom could sell to Europe, in hopes the company would replenish the country�s own stockpiles. Europe and Asia, then, were left to battle it out for an increasingly scarce supply, which pushed prices even higher. And that helped drive Gazprom�s revenue up by a better-than-expected 70% last quarter compared to the same time last year.

Why should I care?

The bigger picture: Gazprom has lots more in the pipeline.
Gazprom�s expecting even better things this quarter, with demand for gas used to heat homes only set to rise as winter rolls in. The company has a good feeling about the underwater pipeline it�s been trying to build too: Europe is concerned about its historically low stockpiles of natural gas, which means it might be more likely to give the setup � which would double the undersea amount Gazprom can deliver into the region � the green light.

Zooming out: The emerging market frontrunner?
Russia�s loving this energy boom: the country�s economy � which is closely tied to oil and natural gas � is on track to grow 4.7% this year compared to last, in what would be the biggest jump in 13 years. What�s more, forecasts for Russian companies� profits in the next 12 months are 15% higher than they were in July, according to Bloomberg. That�s more than the companies in other emerging markets like Asia and Latin America, and could suggest its stock market is a better play than theirs too�