Gazprom Declares Force Majeure, Nord Stream 1 to Stay Closed

Russian Natural Gas Giant today declares Force Majeure on contract to deliver natural gas to German utility Uniper. This would indicate that the flow of natural gas through the Nord Stream 1 pipline will not resume as planned on July 21st at the end of a scheduled maintenance window. The dispute is likely over a gas turbine which was in Canada for repairs was held up by sanctions and will not be delivered on time. Uniper has burned through ten billion euros worth of credit after sourcing natural gas on the spot market to cover shorts. Now Uniper is out of cash and burning down storage inventory ahead of the winter heating season when they need to be stocking up instead. One way or another, the German govt will be forced to bail out the energy industry.

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#Gazprom #Uniper #NordStream #energycrisis #MelonHead #naturalgas