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Norway Flows Returning but Russia a Concern

NATURAL GAS

European Gas continues to rally as lack of supply from Russian hangs over Europe and with ongoing Norwegian supply issues.

  • TTF AUG 22 up 0.3% at 181€/MWh
  • Nord Stream is not currently supplying gas to Europe due to planned maintenance but there are significant concerns that supplies won’t resume at the end of the outage period on 21st July. Gazprom said yesterday there is no guarantee on the functioning of Nord Stream following the return of a turbine from Canada.
  • Norwegian flows are expected to increase in the coming days but issues at Sleipner are likely until Friday. Nominations are today up to 300mcm/d but still 30-35mcm below volumes flowing prior to the issues.
  • Russian flow through Sudzha in Ukraine is steady at 41.6mcm/d and high LNG flows are helping injections to European storage continue with stocks now up to 62.57%.

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