The main test the market is waiting for next week, when the scheduled maintenance of the pipeline
Price chart of the nearest futures for the TTF spot gas index on the ICE Futures exchange (in US dollars per thousand cubic meters) in 5-minute intervals
European natural gas prices fell after Canada said it would return a key Russian pipeline turbine to Germany, which it had previously refused to return, citing its sanctions policy against Russia. This increased optimism about easing tensions with Moscow.
Underlying futures fell 12%. Canada’s action brings relief to Germany and, more broadly, Europe, as the sharp reduction in gas flow through the Nord Stream pipeline threatens the region’s plans to fill storage facilities by winter and poses a risk of rationing.
The Kremlin said last week that the equipment would help boost supplies to Europe. PJSC Gazprom has operated the pipeline at just 40% of its capacity since last month after the turbine was sent to Canada for maintenance and not returned due to sanctions against Russia. Berlin called for her to be brought back to alleviate the supply crisis.
The inspection will take place next week, when the annual maintenance work on the pipeline, which was announced on Monday, is completed. Germany expressed concern about the resumption of supplies. Gazprom needs six main turbines to run the line at full capacity, but not all of the components still in Russia are operational because they need maintenance, the company said.