Russian gas flows to Europe fell short of demand on Friday, coinciding with an early heatwave gripping its south and boosting benchmark prices already lifted by concerns the continent may struggle to build up storage in time for winter.
Italy may declare a state of alert on gas next week if Russia continues to curb supplies, two government sources said, which would mean reducing gas consumption, rationing gas to industrial users and ramping up coal power generation.
If Gazprom restarts Nord Stream flows at full capacity, which is considered unlikely, Europe theoretically could fill storage sites to an 80% target by Nov. 1, Kateryna Filippenko, principal analyst at consultancy Wood Mackenzie, said. "If Gazprom continues restricting flows, in both cases storage will run out throughout winter, unless other demand or supply measures are taken, or Gazprom sends additional gas via available booked capacity via Ukraine, although we believe this is very unlikely," she added.
Nord Stream 1 is also scheduled for annual maintenance that will halt all flows between July 11 and July 21.
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