Russia energy min Novak: Certification of Nord Stream 2 may cool of gas prices

Comments from Novak:

Comments from Novak:
  • Russia has to fill its own gas storage facilities
  • Gas prices don’t reflect fundamentals
  • High gas prices are ‘hysteria’
  • It’s important to stabilize gas market
  • Speculation is driving European gas prices
He’s right on all fronts. The prices in European gas are nuts.
TTF prices

Nord Stream 2 might be online by year end but that’s not going to be soon enough to help this winter.
Nord Stream
I suspect we’ve seen the highs for European gas today but that will depend on the weather.
Oil might be a different story as gas-to-oil switches are still economic even if gas prices are cut in half in Europe and Asia. A story just broke saying that OPEC is reluctant to add extra oil given economic and covid risks.
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