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European gas is still running (+ 23%) after a stop in supplies from Gazprom

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European gas is still running (+ 23%) after a stop in supplies from Gazprom
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The European natural gas race does not stop. After yesterday’s strong rise (+ 13%), today it marks + 23%, thus finding itself at € 119.5 / megawatt hour due to supply problems. Today Eni announced that the Russian monopolist Gazprom has cut supplies to Italy by 15%, after yesterday declaring that due to technical problems, the flow of the Nord Stream gas pipeline will be limited by 40%. As the Russian company reports, one of the reasons for this major reduction in flows is that Siemens AG would not be able to return some equipment that was repairing a pumping station in the Baltic Sea in time.

Another element of concern on the gas front comes from the United States, in fact, last week a fire broke out at the LNG terminal in Texas (Liquefied Natural Gas) of Freeport, one of the largest producers and exporters of liquefied natural gas in the United States. According to initial estimates, the plant was supposed to remain inactive for three weeks but today the American operator said that it could take as much as 90 days to see a partial reopening of the structure; while a return to full operation is currently not expected until the end of 2022.
The Freeport plant represented an alternative source of supply for Europe to fill storage for next winter, especially in light of the intensification of the conflict in Ukraine which makes flows from Russia less and less certain.

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