Nord Stream 1 won't be shutting down for 3-day maintenance after all (update: not so fast)

TTF European benchmark natural gas prices are down after a Nord Stream announced it won't be conducting a three-day maintenance shutdown at month end. The shutdown was announced on the weekend and led to yesterday's spike in TTF prices and decline in the euro to the worst since 2002.

Nord Stream now says it won't be carrying out the maintenance at the Portovaya offshore compressor station because it lies outside of the responsibility zone of Nord Stream.

That sounds like quite the SNAFU and also like Gazprom (and Russia) were playing games, but that's nothing new.

Update: On a second read of this, some traders are informing me that what Nord Stream is saying is that it won't be the one doing the maintenance but the work will still go ahead. Though it's not clear who will be doing it (Gazprom?) or necessarily when. The whole thing adds a new complication.

/eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term

Update 👇👇

When Gazprom made the shutdown announcement last week they said work would be done jointly with Siemens

So maybe Nord Stream were never meant to be involved and are just clarifying that they have no involvement ...

See article below .https://t.co/ees8Ny9TeA

— Trading Floor Audio (@TradeFloorAudio) August 23, 2022