Nord Stream gas flows to Europe resume at 40% capacity
Quantum Commodity Intelligence - Gas started flowing along the Nord Stream 1 pipeline from Russia to Europe again on Thursday, with Gazprom resuming partial supply to its customers after a maintenance break threatened to leave relations souring further.
Nominations and flow data for the pipeline showed Thursday morning that deliveries from the Russian export monopoly picked up after nine days with no gas, with the equivalent of around 29 million kWh/h passing through the system since the morning.
European gas prices were down, with benchmark Dutch TTF futures for August delivery down 3.3% day-on-day at €150/MWh at 1430 London time.
Flows had initially stopped for seasonal maintenance, with a turbine sent to Canada for repair held up by sanctions against Russia. More maintenance is scheduled for the end of the month.
Before that, flows were running at about 40% of contracted capacity as relations between the EU and Russia soured.
"Unfortunately, political uncertainty and the 60% cut from mid-June remain," German energy regulator chief Klaus Müller wrote on Twitter.
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The move comes a day after the EU warned members that they should make plans to cut consumption by 15% from the end of the month, warning that uncertainty around Russian supply is leaving the 27-member bloc vulnerable to pressure from Moscow.
The EU and Russia have been at odds after Russia invaded Ukraine in February, with a series of sanctions met with unilateral contract renegotiations and reduced gas flows.
That has stepped up EU efforts to wean itself of Russian energy supply, with the European Commission and members opening discussions with countries such as Algeria, Azerbaijan, and Kazakhstan to boost gas deliveries.
The EU imported around 155 billion cubic metres from Russia last year, around 45% of its imports and almost 40% of its consumption.
The Nord Stream 2 pipeline from Russia to Germany was built but never opened, with operating licences rescinded by Berlin prior to the start of the war as punishment for Russia's sabre-rattling.
