OMVKY - Euro gas prices down as Russia turns up exports; Northeast prices highest globally

Overnight Russia almost doubled gas volumes to Europe through Ukraine, driving natural gas futures prices down by almost 10%.  Though front-month prices are largely unchanged, the prospect of increased Russian volumes through summer brings relief, as traders see less likelihood of repeat shortages next winter.  This week it was announced that Nord Stream 2 start up (NYSE:RDS.A) (OTCPK:OMVKY) (OTCPK:ENGIY) has been put on hold as the European Commission investigates the "project's compliance with Europe's energy policy", which means increased Russian volumes are still subject to increasing Ukrainian tensions. Separately, winter storms in the Northeast and risk of freeze offs across key US basins has seen natural gas prices in New England spike to over $30/mcf, above levels seen in Europe and Asia. This despite gas prices across much of the rest of the US sitting below $5/mcf (NG1:COM) (NYSEARCA:UNG) (NYSEARCA:BOIL). With Henry Hub at ~$5 and Euro gas prices falling, LNG exporters like

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Euro gas prices down as Russia turns up exports; Northeast prices highest globally