gas nord 15 July 2022

Justin reported earlier that the utility said that was the flow rate and now the economy minister confirms it. He said he has the impression that Russia does not want to take back the turbine serviced in Canada.

He said that Germany will tighten gas storage targets.

It remains to be seen how long this will go on for but Russia keeping Europe on life support leaves them with a devastating card to play if the state of play changes in the war.

There's a chance that flows could be increased late this month or early in August when the turbine arrives.

Meanwhile, there are cracks in Europe as Spain, Greece and Portugal rejected the EU call for 15% cuts in natural gas consumption to help Germany. Spain's Energy Minister said that "Contrary to other countries, Spain hasn't been living beyond its means in energy terms". That's a clear reference to the years of badgering that Germany did on periphery budgets.

TTF natural gas is down 7% today and EUR is up a half cent.