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TTF Lower on Potential Return of Nord Stream Turbine

NATURAL GAS

European gas was down 7% this morning after Canada confirmed they would return the missing Nord Stream turbine and despite the start of the 10 day pipeline maintenance period. TTF has since ticked back up and now down 3% to 170€/MWh.

  • The delayed return of the turbine from maintenance in Canada due to sanctions was cited by Russia as reason for lower Nord Stream flows in recent weeks.
  • The Nord Stream pipeline today starts a period of maintenance until 21st July during which time flows to Europe will stop. Europe is concerned that Russia will not restart flows at the end of the period although the return of the turbine has eased those fears slightly.
  • Nominations show the expected halt to Nord Stream supply but supply through Ukraine remains at 41.1mcm/d.
  • Strong LNG and Norwegian supply continue with nominations for Norway slightly higher than levels last week at 336.8mcm/d.
  • Injections to European storage has stalled in recent days with data showing stocks 60.4% full as of 9th July.
Energy BulletsCommodities
Energy BulletsCommodities

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