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Russian Supply Steady Despite Contract Stoppages

NATURAL GAS

TTF Jul22 trading 6.4% lower at 88€/MWh despite halt to Gazprom supplies to Orsted, and Shell following on from a halt to GasTerra flows yesterday.

  • Gazprom have stopped flows after not receiving payment for gas in rubles as demanded by Russia. Signs are that the lost volume from contracts with Gazprom can be procured from other suppliers. Gazprom delivered 1.97bcm of gas to Orsted in 2021 and the Shell contract volume is reportedly up to 1.2bcm per year.
  • Russian supply via Ukraine is steady at 41.2mcm/d and Nord Stream is nominated back at 72.86GWh/h after dipping to 65GWh/h yesterday.
  • Norwegian supply is strong at 331.7mcm/d and European storage is now up to 46.68% full.

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