Russia-Ukraine conflict

The cost of electricity has surged to record highs across Europe this week, following a meteoric rise in natural gas prices that could pave the way for painfully high consumer rates across the continent through the winter and well beyond. Electricity futures across much of the continent jumped above 600 euros/MWh this week, an exponential…

Natural gas prices surged Monday in Europe on intensifying concerns that Russia’s plan to close the Nord Stream 1 (NS1) pipeline could cripple the continent’s ability to store enough fuel to meet heating needs in the coming winter. U.S. futures followed suit. Russia’s Gazprom PJSC late Friday said it would halt gas flows to Europe…

Gazprom PJSC’s natural gas production has dropped 10.4% since January, dragged down by a steep cut in pipeline exports to Europe, which have fallen by 33.1% so far this year. The company has boosted exports to China.  Russia produced 249.7 billion cubic meters (Bcm) between Jan. 1 and July 15, down by 29.1 Bcm compared…

With unrelenting scorching temperatures permeating the Lower 48, natural gas prices for August baseload gas were trending sharply higher on the first two days of bidweek trading (July 25-26), NGI’s Bidweek Alert data showed. Notably, gas prices at the majority of U.S. locations moved back above $8.00/MMBtu for August delivery, after having slumped below $6.00…

Ukraine’s natural gas transmission system operator (TSO) warned Tuesday of potential damage to one of the transit routes for moving Russian natural gas to Europe after reportedly detecting an unannounced change in pressure by Gazprom PJSC. Gas TSO of Ukraine reported a sharp increase in pressure on the Urengoy-Pomary-Uzhhorod (UPU) pipeline section on the border…

North America’s natural gas supply is passing a stress test created by the war between Russia and Ukraine, showing that more LNG can be exported without jeopardizing consumer needs, according to an industry filing at the Canada Energy Regulator (CER). “Gas markets are functioning,” said sponsors of the Ksi Lisims LNG liquefied natural gas export…

While most of Europe prepares for a future without Russian natural gas, Latvia has moved to end its dependence on the country’s pipeline volumes starting next year. Latvian lawmakers have passed a legislative amendment banning imports of Russian gas into the country starting January 2023. The move would add Latvia to a growing list of…

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…

Russia’s Gazprom PJSC said in a Wednesday statement it currently had no indication vital equipment for its Nord Stream 1 (NS1) pipeline would be returned from Canada, potentially reversing hopes of a quick restoration of natural gas capacity for Europe. A gas turbine engine from one of NS1’s compressor stations (CS) has been under maintenance…