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(M2) Correction Extends

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Late Session Rebound

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(M2) Corrective Cycle Remains In Play

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(M2) Gains Still Considered Corrective

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EU-RUSSIA

Russian gas giant Gazprom's official twitter account tweets: "Gazprom has approved and launched a plan to pump gas into five European underground storage facilities for November." The issue of Gazprom filling European storage sites has been top of mind for many EU member state gov'ts. This is due to the extremely low stockpiles in Europe that are exacerbating a price spike ahead of the cold winter months.

  • There is no confirmation yet about which five European storage facilities are set to be filled first.
  • The Russia gov't continues to push for the speedy opening of the Nord Stream II gas pipeline between Russia and Germany. There remains notable opposition to the pipeline from within Europe and in the United States, with Senate Republicans pushing for sanctions against the pipeline operators.
  • This seems unlikely though, given the deal reached earlier this year between US President Joe Biden and outgoing German Chancellor Angela Merkel. The deal sees Germany agree to respond to any Russian attempt to use gas supplies as a weapon against Ukraine or other CEE nations that could lose out on supplies/transit fees because of Nord Stream II.
MNI London Bureau | +44 203-865-0981 | tom.lake@marketnews.com

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