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TTF Surges Higher on Russia Supply Concerns

NATURAL GAS

European gas extended gains and surged 10% higher this morning with renewed concerns for further supply disruption from Russia.

  • TTF SEP 22 up 11% at 271.5€/MWh
  • The Nord Stream pipeline is due to halt for planned maintenance for three days on Aug 31. Fears are once again that flows will not resume following the outage with German Economy Minister Habeck saying they must “expect Russian to further reduce gas supplies”.
  • Russian flows through Nord Stream are today 31.9mcm/d with flow through Sudzha in Ukraine nominated at 41.6mcm/d.
  • An ongoing slight reduction in supplies from Norway due to maintenance is adding to the tight market with nominations today at 305.7mcm/d.
  • European storage is still steadily filling with overall levels now at 76.9% full. Germany is nearly up to 80% full at 79.5%, Italy at 78.96%, France at 88.97% and Netherlands at 72.38%.

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