Fears of a prolonged supply outage on Nord Stream 1 (NS1) after annual maintenance is scheduled to end this week and a heat wave that’s testing energy infrastructure in Europe are keeping natural gas prices on the continent elevated.  

“While global gas inventories are relatively healthy today, an extended NS1 closure could quickly upend balances,” said BofA Global Research analysts in a note to clients this week. 

The European Commission is girding for the possibility that Russia won’t restart NS1 after maintenance ends Thursday. Operator Gazprom PJSC has not said the system will remain offline, but the European Union is expected to roll out a coordinated plan Wednesday to cut gas consumption across the continent. 

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