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Nordstream Uncertainty Remains, With Maintenance Set to Conclude This Week

RUSSIA
  • This week, the Nordstream pipeline is scheduled to come back online after 10 days of maintenance work, restoring gas flow to Europe. There remains some uncertainty around whether the pipeline will be restored back to full capacity, with the European Union pledging to unveil contingency plans in the event of a full cessation of Russian gas flow. EU Commission President Ursula von der Leyen is headed for Baku, Azerbaijan today in search of alternative gas supplies to replace Russia.
  • Nordstream maintenance is scheduled to finish on the 21st with a resumption of flows either later that night or on the 22nd. In an interview with Bild, the chief of the German grid regulator stated that a full cutoff of Russian supply is now fully priced by the market, pointing to the lack of price movement when the pipeline entered maintenance early last week.
  • The FT cites the Mongolian Prime Minister as saying that a feasibility study for a Russia – China natural gas pipeline is complete and he believes that construction will start in 2024.
  • RBC write that In June, the expectations of the Russian business became the worst since at least 2009, according to an S&P Global survey.
  • Izvestia run an op-ed piece from foreign minister Lavrov, who talks through various failings of Western powers and authorities in recent regional conflicts. He also raises the topic of Western biological labs and their operations in post-Soviet territories as well as future alliances with China.
  • A statement released by Whitehaven Coal today notes that a looming ban on Russian coal imports by the EU will tighten a market that’s already under severe supply chain pressure. This leaves the company maintaining their expectation that “thermal coal prices as well supported for 2022 and into 2023.”
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