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Russian gas flows via Mallnow drop to zero, prices spike

GasLNG

21 Dec 2021 08:34

Photo: Shutterstock.com

Photo: Shutterstock.com

London

21 Dec 2021 08:34

(Montel) Russian gas flows via the Mallnow connection on the German-Polish border came to a halt this morning, contributing to an 8% spike in gas prices.

Flows dropped to zero from 06:00 CET this morning, having slipped from just over 1mcm/day on Monday, Gascade data showed.

This compared with flows of more than 20mcm/day for much of last week.

Nominations at the Velke crossing between Ukraine and Slovakia meanwhile slipped around 5mcm on the day to 84.5mcm/day, according to Slovak gas grid operator Eustream.

In response, the front-month Dutch TTF contract was seen last up EUR 10.68 at EUR 157.61/MWh. It earlier touched a near 11-week high of EUR 158.20/MWh.

Russia's Gazprom on Monday booked only slightly more gas transit capacity to European destinations for January, accentuating concerns of supply shortages this winter, with regional stock levels still languishing at well below seasonal norms.

Gas storage across Europe was seen last at less than 60% of capacity, compared with 78% a year ago, according to Gas Infrastructure Europe figures.

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