EurOil - Europe Oil & Gas
Russia saw its revenues from natural gas exports slump 40% month on month in June, highlighting the self-inflicting damage that Gazprom’s recent cuts in gas supply to Europe are doing to Moscow’s coffers.
Dutch TTF hub gas prices rose to €202/MWh, or c$2,200 per 1,000 cubic metres, on July 26, as flows from Russia’s Nord Stream pipeline were curtailed from 67 mcm per day at the beginning of the week towards a stated target of 33 mcm per day.
Enagas, the owner and operator of Spain’s gas transportation system, confirmed on July 24 that the volume of Algerian gas imports had declined briefly but stressed that the drop was temporary.
EU member states have agreed to back the European Commission’s proposal to implement a 15% cut in gas consumption starting next month, but the agreement includes some concessions to those countries that had voiced opposition to the measure.
Gazprom’s announcement that it was cutting gas flows in the Nord Stream 1 pipeline to 20% of capacity on July 25 means the EU will miss its deadline to fill storage tanks to 80% full by October 1.
Russian natural gas flow via the Nord Stream pipeline to Europe will be restricted further to only just above 20% of its capacity from the morning of July 27, Gazprom said on its Telegram channel on July 25, prompting a spike in European gas prices.