: Sweden reports leaks on Nord Stream 1, shortly after damage found on Nord Stream 2

by | Sep 27, 2022 | Stock Market

Swedish maritime authorities have warned of two leaks on Russia’s Nord Stream 1 natural gas pipeline in Swedish and Danish territories, Reuters reports. The leaks, located northeast of Danish island Bornholm, were reported shortly after another report of an overnight gas leak from the non-operational Nord Stream 2 pipeline.

The news comes as European and UK gas futures were up over 4% on Tuesday morning after slumping as much as 15% on Monday as reports of Europe filling its gas storage ahead of schedule. Benchmark Dutch front-month futures rose 5% to €182 per megawatt hour and the UK natural gas futures
for October increased by as much as 8% to £260 per megawatt hour (MWh). “There are two leaks on Nord Stream 1 – one in Swedish economic zone and one in Danish economic zone. They are very near each other,” a Swedish Maritime Administration (SMA) spokesperson told Reuters. “We are keeping extra watch to make sure no ship comes too close to the site,” said another SMA spokesperson. Nord Stream AG said in a statement on its website on Monday evening: “Tonight, the dispatchers of the Nord Stream 1 control center registered a pressure drop on both strings of the gas pipeline. “The reasons are being investigated.” Supply sprint At the beginning of September, Russian state-owned Gazprom halted gas flows from the pipeline to Germany indefinitely, sending the Dutch TTF gas futures for September to a tail spinning highs of €345.52 per MWh. EU countries have been sprinting to fill their gas storage capacity ahead of the winter months. Almost 90% of EU gas storage has been filled, according to data from Reuters, ahead of its 80% target by Oct. 1. Germany, the country with the most r …

Article Attribution | Read More at Article Source

Share This