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TTF Pulls Back After 40% Rise in Two Weeks

NATURAL GAS

TTF Aug 22 is down 8.5% this morning to 167.5€/MWh having risen from 130€/MWh at the start of last week.

  • The Greece -Bulgaria interconnector is due for inauguration today with hopes to start up before the end of July. The pipeline will connect to the Trans-Adriatic pipe to the wider network to help bring Azeri gas to Europe.
  • Europe is looking for more supplies with extra uncertainty over flows from Nord Stream with planned maintenance due to halt operations for 10 days from 11th July. Nord Stream is again nominated at 64.65mcm/d and well below the normal capacity of about 167mcm/d. Europe fears that Russia will not resume supply through the pipeline following the outage period.
  • Russian supply transit through Ukraine is at 41.1bcf and below levels of 108bcf from the start of the year after the halt of flows through Sokhranivka.
  • Norwegian flows are unchanged from yesterday with nominations at 333mcm/d and European gas storage is now up to 60.5% full.
Energy BulletsCommodities
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