*NO STREAM: EU GAS MARKETS BRACE FOR PRICE SURGE AFTER LATEST RUSSIA GAS CUT - 🇪🇺 🇷🇺
© Reuters. Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal HanschkeLONDON - European gas buyers already grappling with record-high prices face further pain when the markets open on Monday after Russia said one of its main supply pipelines to Europe would remain shut indefinitely, sparking fears over energy rationing.
The Nord Stream pipeline, which runs under the Baltic Sea to Germany, historically supplied around a third of the gas exported from Russia to Europe, but was already running at just 20% of capacity before flows were halted last week for maintenance. "On Friday... the market was already pricing in Nord Stream 1 flows coming back," Energy Aspects gas analyst Leon Izbicki said."We expect a significantly stronger open for the TTF on Monday."
"Supply is hard to come by, and it becomes harder and harder to replace every bit of gas that doesn’t come from Russia," he said.German Chancellor Olaf Scholz said on Sunday his country had been preparing for a total halt in gas deliveries from Germany. "There’s plenty of scope to replace that gas with LNG imports for now, but when the weather turns cold and demand starts to pick up in the winter in Europe and Asia, there's only so much LNG out there that Europe can import,” Mandel said.
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