Global gas & LNG weekly summary: 22 July 2022

TTF pulls back after Nord Stream volumes partially return and gas turbine shipped from Canada to Russia TTF dropped to as low as $40 intraday on Thursday, down from about $54.1 last week. Nord Stream maintenance ended, and Gazprom announced that the pipeline began flowing at about 1/3 capacity. While it is believed that the turbine needed to increase the pipeline’s flows back to full capacity is on its way to Russia, Gazprom made a Telegram post on Wednesday in which they expressed frustration that Siemens was not providing any official documents that guaranteed its return. Our view is that this is likely just noise on the part of Gazprom since both Siemens and the government of Canada have already publicly assured the gas turbine’s delivery.