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European natural gas prices fluctuated, with traders weighing the return of flows via Turkey against the risk of a further deterioration in supplies to the continent.
Gas shipments via the TurkStream pipeline resumed after maintenance ended on Monday, Russia’s Gazprom said on Telegram. The link, which has an annual transport capacity of 31.5 billion cubic meters, connects Russian gas reserves to the Turkish gas transportation network, as well as south and southeast Europe.
Traders are watching for any change in Russian gas flows to Europe, after Moscow earlier this month cut supplies through the Nord Stream pipeline to Germany by 60%, citing technical issues.
All eyes are now on how Europe will handle a complete halt on Nord Stream for maintenance from July 11-21. Germany is concerned that flows via the main route to Europe won’t return after the work is complete, with the possibility of Russia retaliating for sanctions related to its war in Ukraine.
The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday. The bloc’s projections show that while storage filling rates are currently on track to hit 90% by Nov. 1, a cut-off would bring that level to below 75%.
Group of Seven leaders are pushing for more actions to choke off the profits Russia makes from energy exports that are helping to fund the war. The nations are expected to announce that they will instruct ministers to explore implementing a price cap on Russian gas.
Meanwhile, Germany — which relies on Russia for more than a third of its gas imports — is seeking to import liquefied natural gas from Canada to help replace Russian supplies. German Chancellor Olaf Scholz used a meeting with Canadian Prime Minister Justin Trudeau on Monday to push for closer energy ties.
Dutch front-month gas futures, the European benchmark, rose 0.3% to 129.86 euros per megawatt-hour by 8:52 a.m. in Amsterdam, following an earlier decline. The UK equivalent fell by 2.3%.
