EU NatGas Soars To Record High As Gazprom Announces New Halt To Flows
European natural gas prices closed at new record highs today… and that was before news of a new gas flow halt by Gazprom was announced.
The Russia gas producer said in a statement that it will halt gas flows via Nord Stream on Aug. 31 for 3 days as the single functioning gas turbine at Portovaya’s compressor station requires planned maintenance.
On a side-note, in a now-deleted tweet, Siemens Energy appeared to troll Gazprom over the ‘famous turbine’:
On an oil barrel equivalent basis, EU Nattie uis now trading at triple the US equivalent (which is also at its highest since 2008)
Upon work completion and absence of technical malfunctions of the turbine, gas flows will be restored to 33mcm/day.
As a reminder, flows are already at just 40% of capacity…
Finally, we note that this decision comes after news that Putin will attend the G-20 meeting (much to Washington’s chagrin)… flex much?
Tyler Durden
Fri, 08/19/2022 – 12:11
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