SHEL - European natural gas now up ~75% in three days as Kremlin clamps down

Outage guidance following a fire at Freeport LNG sparked a rally in European natural gas prices Tuesday. The rally continued Wednesday, as Gazprom (OTCPK:OGZPY) indicated that "maintenance" would impact supplies from Nord Stream. Thursday, ENI (E) said Gazprom (OTCPK:OGZPY) had cut supply by ~1/3, with Germany seeing a 40% reduction; Russia said the maintenance issue at Nord Stream could halt flows entirely, but that the disruption was not deliberate. Gazprom CEO (OTCPK:OGZPY) Alexey Miller said Thursday that the Nord Stream 2 gas pipeline is ready to supply gas to Europe. The timing of the Nord Stream 1 outage, and simultaneous offer to supply gas through a sanctioned pipeline, may suggest Russia intends to exert influence over European energy prices for political gain. Alexey Miller also noted that 90-95% of exports are now paid in Rubles. Some degree of calm had settled over gas and coal markets in recent weeks, as inventory balances in

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European natural gas now up ~75% in three days, as Kremlin clamps down