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Weekly Energy Market Highlights:

• Gas TTF Y+1 contract increased by around 20% WoW after the Gazprom announcement to reduce the gas flows via Nord Stream 1 to 20% capacity from Wednesday onwards.
• LNG gas supplies to the European continent remain strong in July, helping restore gas storage to 67% capacity this week. The German government has increased mandatory storage levels ahead of the winter, with new targets at 75 % 1 Sept, 85 % 1 Oct and 95 % 1 Nov. German storage is currently at 66 % fullness.
• Gas and power market price outlooks remain bullish, with volatility increasing during the upcoming winter.

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

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