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European Gas Retreats from Hammerfest Spike

NATURAL GAS

TTF gas prices have tumbled back from yesterday’s spike drive by Equinor shutting its Hammerfest LNG plant to fix a leak.

  • The size of the leak and time to repair are not clear at present.
  • The Hammerfest project had only just reopened over the weekend after an unplanned outage of more than three weeks due to a compressor failure. The first cargo left earlier this week.
  • During normal production, the plant delivers 18.4 million standard cubic meters of gas per day, or 5% of all Norwegian gas exports.
  • Buoyant gas inventory levels, strong renewable generation and industrial weakness are keeping a lid on the upside.
  • The price reaction however indicates how jumpy the market is about potential supply disruptions ahead of next winter, which could be much colder than the mild winter just gone.
  • TTF JUL 23 down -7.3% at 24.9€/MWh
  • TTF WIN 23 up 1.6% at 42.38€/MWh
    • Energy BulletsCommodities
    Energy BulletsCommodities

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