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Nord Stream 1 at 20% this Week

NATURAL GAS

Putin warned last week that Nord Stream 1 gas flows would drop to 20% if there were issues returning turbines from the west which has now been confirmed by Gazprom.

  • The Kremlin said earlier today they had issues with paperwork provided by Siemen’s for the turbine that has been stuck in Canada.
  • The pipeline only returned from maintenance last Thursday and has since operated at 40% capacity. The gas flows will drop to 20% from July 27.
  • Germany will likely be forced to make emergency rationing plans to try and avoid further draws from stockpiles and achieve winter storage targets in time.
  • European gas prices have jumped as high as 10% in response to the news.

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