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Free AccessNord Stream 1 Pipeline Resumption Hits TTF Prices
Russian gas flows resumed on the Nord Stream 1 pipelines this morning as originally planned once the maintenance period had finished.
- Gazprom and latterly, Putin had said earlier in the week that flows would begin again today but the flow rate would be compromised at a similar rate to before the maintenance had begun at circa 40% capacity. Russia blamed the need for a turbine to be returned for running at that rate. They are still waiting on its return.
- The first hour of gas flows show the pipe running at 30% capacity while orders for flows on the pipeline released yesterday show requests at 40% capacity. The Nord Stream 1 operator said this morning it will take time to ramp up flows.
- In near term risks, Putin has warned that flows could fall to 20% as early as next week, following the need for further turbine maintenance which is being complicated by sanctions.
- The initial turbine that has resulted in flows being stuck at 40% has been released by Canada and is en-route to Russia via Germany but is not expected to be fully operational until early August based on Russian media reports.
- European gas prices have fallen in response to the news of a resumption in flows with growing sentiment across Europe over the last week that flows were not going to return and if they did - at an unknown level.
- TTF AUG 22 down -5% at 147.25€/MWh
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.