One week after we first observed the staggering surge in European nat gas prices, those same prices hit a new record high as a slow at first, then much faster tightening of Russian supply looks set to cause a storage crunch on the continent.
Russian gas flows via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany…
… have continued to shrink since the start of the month, leaving Europe out of time to refill inventories ahead of the winter. As the chart below shows, the amount of gas entering Germany at the Mallnow compressor station has plunged by almost half, signaling Russia is flowing less through the Yamal-Europe in what may be a Kremlin shot across the European bow, and a reminder who literally keeps the lights open during the winter…
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