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Norway Strike Adds to EU Supply Issues

NATURAL GAS

TTF trading at the highest since early March as Russian pipeline supply disruption continues. TTF up 0.15% to 148€/MWh.

  • Flow of gas through the Nord Stream pipeline are still curtailed at 64.65mcm/d following the significant reduction in capacity which started on 12th June. Flow of Russia gas transit through Ukraine is also unchanged at 42.1mcm/d. With supply to Europe already especially tight, Germany is concerned that no Nord Stream flows will return following the 11th-21st Jul planned maintenance shutdown.
  • Norwegian gas is today nominated at 332.8mcm/d but planned strikes look set to close three field tomorrow and more on Wednesday. The strikes will reduce Norwegian exports by approximately 13%.
  • Despite the supply issues, injections into European storage have continue with levels now up to 58.9% as they try to replenish stocks ahead of the winter. Stocks in Germany are up to 61.85%, Italy at 59.85%, France at 63.6% and Netherlands at 53.74%.
Energy BulletsCommodities
Energy BulletsCommodities

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