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Fears about gas storage in Europe are growing. Gazprom today announced that it will shut down another turbine of the Nord Stream 1 gas pipeline from 27 July for maintenance work and this will inevitably lead to a further reduction in gas flows, which will drop to 20% of total capacity. The news immediately ignited the price of gas which is currently moving up by 2.76% to 167 euros per megawatt hour, after having touched the maximum at 170 euros / MWh.
In Europe, President Ursula von der Leyen reiterated that “the introduction of a European gas price ceiling” is being considered. Meanwhile, diplomacy continues to work throughout Europe to seek alternative supply channels for Russian gas.