U.S. natural gas prices nosedived Tuesday afternoon after Freeport LNG Development LP outlined plans to restart partial operations at its export terminal on the Upper Texas Coast later than expected in November. The company had previously guided for a restart in early October. _ .. _ .. ..
Russia won't immediately resume exports of natural gas to Europe through its Nord Stream 1 pipeline, worsening a shortage that threatens to tip the continent into an energy crisis this winter.
The news of the extended shutdown comes on the same day as the West's biggest economies agreed to impose a price cap on Russian oil in a bid to limit Moscow's ability to finance its war, while keeping a lid on global inflation. That could result in countries blocking insurance cover or financing for oil shipments.
On Friday, Russian state energy giant Gazprom said it would not resume flows through the pipeline on Saturday as planned because it had detected an oil leak at its Portovaya compressor station. The pipeline has been shut since Wednesday for maintenance. It didn't give a timeline of when exports might resume. "Until the issues on the operation of the equipment are resolved, gas supplies to the Nord Stream gas pipeline have been completely stopped," Gazprom said in a statement. The Nord Stream 1 pipeline is a key artery carrying Russia's vast gas supplies to Europe, accounting for about 35% of Europe's total Russian gas imports last year. It flows directly to Germany, the bloc's biggest economy, which is particularly reliant on Moscow's gas to power its homes and heavy industry. But Russia has been in an energy standoff with Europe since it invaded Ukraine in late February.
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