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EU Gas Market Considers Impact of Long Term Tight Supply


European gas is steady this morning as the market weighs the long term impact of the halt to Russian gas flows through Nord Stream.

    • TTF OCT 22 up 0.9% at 242€/MWh
  • EU members are considering emergency measures to ease surging gas and power prices and support low market liquidity ahead of a meeting of Energy Ministers on Friday. Possible measures considered include caps on electricity and possibly gas, delinking gas from the power pricing, windfall taxed on excess profits and supported by ongoing attempts to reduce demand.
  • TTF front month is below the peak of 280€/MWh reached on Monday following the failure of Nord Stream to return to operation with high LNG flows and demand reduction helping to ease the tight market expectation. Future seasons have remained stronger than the front with the market concerned for the long term impact of the tight supply.
  • Norwegian outages for September are expected to peak today with nominations down to 247.4mcm/d while gas transit via Ukraine is steady at 42.4mcm/d.
  • The Netherlands is the latest country from the main storage holders to reach the 80% storage target with France at 93.53% and Italy at 83.93%. Updated Germany data is currently unavailable although stocks were up to 86.1% in data yesterday.

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