Articles tagged Europe

Editor's Note: This content is provided courtesy of Independent Commodity Intelligence Services (ICIS). Visit natgasintel.com/icis for more information.

With a recession appearing more likely in 2023 and uncertainty swirling around natural gas flows from Russia to Europe, natural gas markets may be in for a bumpy ride heading into the shoulder and winter seasons.

European natural gas prices retreated Tuesday as governments considered a bevy of options to intervene and limit the economic impacts of a relentless energy crisis.

Gazprom PJSC said Friday that it discovered an oil leak on equipment that would prevent it from resuming natural gas deliveries on Nord Stream 1 (NS1) until repairs can be made, dealing a blow to Europe’s already tight market. 

Editor's Note: This content is provided courtesy of Independent Commodity Intelligence Services (ICIS). Visit natgasintel.com/icis for more information.

High European natural gas prices are expected to reduce demand and leave the continent’s storage inventories in line with historical averages at winter’s end if Russia doesn’t cut supplies further and record LNG imports continue, according to Wood Mackenzie. 

As the U.S. natural gas market continued to assess winter supply risks in the context of exorbitant European energy costs, forwards eased lower during the Aug. 25-30 trading period, NGI’s Forward Look data show.

Russia on Wednesday shut down the massive Nord Stream 1 (NS1) pipeline serving Europe for another three days of maintenance, once again raising fears that flows won’t resume when work ends.

A roundup of news and commentary from NGI’s LNG Insight

European natural gas prices tumbled by nearly 20% on Monday following a relentless rally last week that saw the Dutch Title Transfer Facility (TTF) shatter records and break through the $100/MMBtu barrier.