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Weekly Energy Market Highlights:

• Gas prices decreased this week due to the restart of Nord Stream 1, but concerns persist over the future of Russian gas supplies to Europe.
• The gas stocks in Europe continued to recover to 66% capacity this week. The European Commission has asked European Union member states to slash their gas use by 15 percent over the coming months. The period of reduced gas consumption will run between August 1 and the end of March 2023.
• The EU could ban the import and transit of some fuel oil from Russia around six months ahead of the planned deadline. The EU has prior agreed on a full ban of Oil imports from February 2023.

To read the prior week’s European Energy Market Update, please follow the link here.

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