TTF gas futures spike at $1,970/'000 m3 amid Russian, Norwegian cuts
The August contract at the Dutch TTF hub spiked at €184/MWh ($1,970/'000 m3) at around 11:30 GMT on July 13, as supply constraints as a result of Russia's closure of the Nord Stream pipeline were compounded by the shutdown of a key field off Norway after leaks were discovered.
Equinor announced on July 12 it was partially closing the Sleipner gas field after discovering the leaks, and the company is yet to provide guidance on when full operations will be restored. The closure led to a drop in the field's production of 16.9mn m3/day, according to Gassco, which is equivalent to 5% of total Norwegian gas supply in May.
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A day earlier, Gazprom shut down the 55bn m3/year Nord Stream for 10 days of annual scheduled maintenance, although some European leaders are concerned that Russia may keep the pipeline offline for longer, in an attempt to further destabilise the European energy market.
EU gas storage facilities were 62.3% full as of July 11, and Gas Infrastructure Europe is yet to publish more recent data. The bloc is so far on track to reach its goal of filling the facilities to 80% capacity by November 1, in spite of Russian cutbacks.