Jul 25, 2022
Europe Gas Prices Jump as Gazprom Cuts Nord Stream Flows Further
Bloomberg News
,(Bloomberg) -- European gas futures extended gains by more than 10% after Russia’s Gazprom PJSC said it will slash flows via a key pipeline further.
Nord Stream pipeline will be pumping 33 million cubic meters a day, or 20% of capacity, from Wednesday, Gazprom said in a statement. Another turbine for the pipeline is due to be taken out for maintenance, Gazprom said.
Nord Stream flows were already reduced to 40% of capacity since last month as a separate turbine is delayed following repairs in Canada after uncertainty over the impact of sanctions on Russia. President Vladimir Putin warned last week flows could drop to 20% if the turbine issues aren’t been resolved.
European benchmark futures rose as much as 10% to 176 euros a megawatt-hour and were trading at 172.4 at 4:43 pm Amsterdam time.
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