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Nord Stream Supply Halts as Expected


TTF gas rebounds with fears for future Russian supply with the start of the three day outage to Nord Stream today.

    • TTF OCT 22 up 3.8% at 275.4€/MWh
    • TTF WIN 22 up 5.7% at 280.35€/MWh
  • Physical flows through Nord Stream as expected dropped to zero this morning with market concerns that Russia will not resume flows after the outage. Gazprom also yesterday reduced gas supplies to Engie in France due to a disagreement over payments. Russia gas flows through Ukraine have remained stable with nominations today unchanged at 42.15mcm/d.
  • The reduced Russian supply coincides with a lower output from Norway due to maintenance. Flows from Norway are today nominated higher at 316mcm/d but still 20mcm/d below start of the month levels. Various fields and terminals are undergoing works and annual tests during September.
  • France and Germany have both said they are more prepared for a halt to Russia supplies due to recent strong storage injections. EU storage is up to 80.17% with Germany approaching their Oct 1 target at 83.65% and France at 91.54%.

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