Uncertainty over Russian supply is once again putting upward pressure on the European gas prices. Following Gazprom’s announcement regarding the Nord Stream 1 reduction in flows by about 60%, TTF over a two-week period increased from the mid-20s range to above $40/mmbtu. Global LNG prices escalated with TTF but continue to trade at a discount. Muted Asian demand is keeping Pacific prices at parity to Atlantic LNG. The Freeport explosion loosened the US internal balance, allowing HH to come down.