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European Gas Ticking Higher As NS1 Return Remains Uncertain

NATURAL GAS

TTF gas prices have strengthened this morning as Europe weighs up the possibility of delays in the Nord Stream 1 pipeline returning from maintenance.

  • The planned maintenance is running from July 11-21 which is impacting Europe’s ability to fill gas storage at the required pace to meet targets ahead of winter.
  • TTF AUG 22 up 1.7% at 160€/MWh
  • The delayed return of a turbine from Canada indicates that if Nord Stream 1 returns from maintenance, it will run at reduced capacity until at least early-August when the turbine is installed.
  • US natural gas prices are holding yesterday’s price surge, prompted by scorching temperatures and short-covering, with high temperatures set to persists in July.
  • While the Freeport LNG export facility remains offline, LNG feedgas demand has remained above 11 Bcf/d for at least the past couple of weeks and reached 11.42 Bcf/d July 14-15, which is considered a bullish catalyst for prices.
  • US Natgas AUG 22 down -0.3% at 7.46$/mmbtu.
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