Supply blows rock European gas market

Russian reductions compound US LNG outage as continent seeks relief in the short and longer term

Russian state-controlled gas firm Gazprom has roiled the European market by announcing two cuts to maximum flow levels through its Nord Stream 1 pipeline this week, citing compressor issues. The supply reductions come on the back of a cut in US LNG export capacity due to a fire at the Freeport LNG export facility on Texas’ Gulf of Mexico coast. The benchmark northwest Europe TTF front-month contract on the Ice exchange jumped by almost 45pc in just two trading days, from €83.40MWh ($86.90/MWh) on Monday to over €130/MWh by the end of Wednesday, before rising further to €145/MWh+ in Thursday morning trade. In the wake of mounting supply concerns, Centrica—the UK’s largest gas utility—has stru

Welcome to the PE Media Network

PE Media Network publishes Petroleum Economist, Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry