The European Commission (EC) on Wednesday released a plan to cut natural gas consumption by 15% until next spring, a day after Russia suggested it would resume natural gas deliveries on Nord Stream 1 (NS1) at a reduced rate. The continent has been girding for the possibility that flows might not resume on the major…
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Articles from Europe
Supply Fears, Heat Wave Keep European Natural Gas Prices Hovering Near $50 – LNG Recap
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,”…
Russia’s Gazprom Awaits Return of ‘Essential’ Engine as European Gas Markets Shift
Despite news that Russia’s Gazprom PJSC could be receiving a vital turbine engine for its Nord Stream 1 (NS1) pipeline system, European natural gas markets creeped upward again on anxiety over prolonged transmission outages and extreme summer heat. Gazprom blamed sanctions delaying the equipment’s return from a Canadian maintenance facility affiliated with Siemens AG for…
European Supply Tightness Boosts Gas Prices, While Asian LNG Demand Rises
European gas prices remained high this week, supported by supply tightness due to low Norwegian flows caused by unplanned outages at the Sleipner field and Nyhamna plant, and maintenance work on Nord Stream 1 set to last until 21 July.
European Commission Contemplates Natural Gas, Pipeline Partnership with Azerbaijan
The European Union (EU) could be securing another source of future natural gas supply, this time from Azerbaijan, as member countries continue to prepare for a future without Russian gas. According to a draft European Commission (EC) memo, the EU and Azerbaijan could “aspire to support bilateral trade of natural gas” to the continent and…
Europe Preparing for Russia to Halt Natural Gas Supplies on NS1 as Tensions Grow
European countries are preparing for Gazprom PJSC’s next move as a 10-day maintenance period on the Nord Stream 1 (NS1) natural gas pipeline is scheduled to end July 21. Whether the pipeline returns to full capacity, reduced capacity or in a worst case scenario, no deliveries at all, has left Europe readying for the worst.…
Threat of Losing Russian Natural Gas Stokes Global Energy Conservation, Economic Warnings
Recent cuts in global LNG supply and further geopolitical tensions are colliding, causing a growing list of European and Asian countries to react with energy conservation plans and economic warnings. Rice University’s Anna Mikulska, a nonresident fellow in energy studies at the Baker Institute for Public Policy, said the growing chaos in energy markets could…
Bullish Supply/Demand Case Emerges, Sends Natural Gas Futures Flying
Persistent production weakness, blistering domestic heat and robust demand for U.S. LNG converged on Wednesday to ignite a fresh natural futures rally. The August Nymex contract climbed 52.6 cents day/day to close at $6.689/MMBtu. September rose 56.8 cents to $6.589. At A Glance: Cooling demand holds strong across the U.S. European supplies remain under pressure…
Norwegian Production Outage Continues, Keeping European Natural Gas Prices Elevated – The Offtake
A roundup of news and commentary from NGI’s LNG Insight An unplanned outage at Norway’s Sleipner natural gas field in the North Sea continued Wednesday. Norwegian transmission system operator Gassco said the outage is expected to end by Friday (July 15). Another unplanned outage at the Nyhamna processing facility that’s also impacted gas exports to…
Norwegian Production Outage Again Sends European Natural Gas Prices Higher
European natural gas prices seesawed again Tuesday, jumping on news that leaks at a Norwegian gas field would cut more than 2 Bcf/d of supplies for the continent until they’re fixed. The issues are expected to be resolved quickly, but European gas markets are on edge after Russia’s Nord Stream 1 pipeline was taken offline…