Ukraine-Russia Crisis

LONDON (ICIS) — Russia stepped up its curtailment of gas flows to Europe this week, in a move designed to be the dominating factor in the market. The impact was palpable as the ICIS TTF front-month gas price, the global benchmark, rose by 30% over the last seven days, with little indication of a significant fall back as long as current market conditions persist.

Norway plans to increase natural gas production through the summer to help meet European Union (EU) demand and fill the void left by declining Russian deliveries.   Equinor ASA said its Norwegian exports to the rest of Europe increased by 18% year/year in the second quarter. Norway is Europe’s second largest gas supplier behind Russia, which…

Further cuts of Russian natural gas pipeline volumes to Europe could be casting shadow on the European Union’s (EU) ambitious winter storage goals as governments on the continent warn of impending shortfalls. Russia’s Gazprom PJSC cut natural gas deliveries on Nord Stream 1 (NS1) to 20% of capacity Wednesday, blaming overdo maintenance on turbines feeding…

European natural gas prices continued their charge higher Tuesday, hitting levels not seen since March. The prompt Title Transfer Facility contract surged by 13% to settle above $59/MMBtu.

The German government has agreed to take a 30% stake in Uniper SE with a capital infusion to bailout the giant utility, which has suffered from natural gas supply cuts and soaring prices. Uniper’s CEO Klaus-Dieter Maubach said the deal would preserve the company’s “system-critical” role for Germany’s energy supply. The country is the largest…

Natural gas started flowing to Europe again on the Nord Stream 1 (NS1) pipeline Thursday after 10 days of maintenance, but flows could be cut further if key equipment to run the system at a higher capacity is not returned by next week. Nord Stream AG said it successfully completed annual maintenance on the system.…

Click here to listen to the latest episode of NGI’s Hub & Flow podcast. In this episode, NGI’s Mexico & Latin America editor Christopher Lenton is joined by Mexico Pacific Ltd. LLC’s Chief Commercial Officer Sarah Bairstow to talk about the company’s LNG export project in Mexico’s Sonora State. Global eyes are on Mexico’s Pacific…

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,”…

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…