Global gas & LNG weekly summary: 12 Aug 2022

Prices recover to record highs, Gazprom says delivery of turbine is impossible and LNG send-out falls to lowest level of 2022 TTF rose this week, settling at $62.4 on Wednesday. Longer term supply concerns continue to overshadow both a large weekly injection as well as a drop in demand. In a 4 August Telegram post, Gazprom stated that EU, Canada, and UK sanctions make it virtually impossible to take delivery of the turbine it needs from Siemens. This turbine is necessary for Nord Stream volumes to return to previous levels. Meanwhile, Canada and Germany have said that the turbine is exempt from sanctions. Nord Stream flows averaged just 31 mcm/d, whereas this time last year the pipeline was flowing 157 mcm/d of gas from Russia to Germany.