European gas prices are headed for their longest weekly winning streak this year amid heightened concerns over supplies from Russia.
Although natural gas futures are lower today, they are still on course for gains on the week. This will be the fourth week of gains for natural gas.
Meanwhile, the Nord Stream pipeline is expected to be shut down on Monday for a period of 10 days for maintenance work to be carried out, with concerns mounting that flows from the pipeline will not resume when that work is completed.
The Nord Stream pipeline is at just 40% of capacity as Russia continues to limit flows, citing technical problems and maintenance issues. A prolonged shutdown of flows by the Kremlin would jeopardize efforts by European countries to store large quantities of natural gas for next winter, when demand peaks.
The Dutch natural gas contract was found to be retreating up to 4.5%, while it is currently losing 2.8% to 178 euros per megawatt hour, as reported by Bloomberg. The contract has more than doubled in the last month.
Source: Capital
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