The main supply pipeline Nord Stream 1, through which Europe receives gas from Russia flows less and less gas. Moscow is using gas as an extremely effective weapon in the economic war with Europe, and as things stand now this fall, no one will ask how much gas costs, but whether it will be there at all.
The bad news is also coming from the US, which will not be able to bring enough LNG to the ships to cover the entire EU.
The price of gas on the European market in the Netherlands (TTF) jumped as much as 24 percent on Wednesday after the American company Freeport announced that a major breakdown at its gas liquefaction plant in Texas will not be able to be fixed until September.
With two-thirds of Freeport's production exported to Europe, U.S. gas supplies will be reduced not only in the next three months, but by the end of the year, until the plant will be able to operate at full capacity. Freeport has 17 percent of US liquefaction capacity.
To make matters worse, Russia's Gazprom on Tuesday announced a 40 per cent cut in gas supplies to Germany, via the old Nord Stream pipeline. A day later, ENI announced that it had received a notification from Gazprom about reducing gas supplies to Italy by 15 percent.
Gazprom had previously closed its valves to Poland, Bulgaria and Finland because, unlike Germany, Italy and other countries, they did not agree to pay for gas in rubles. It should be added that in early May, Ukraine closed a third of its capacity for Russian gas to come to Europe, claiming that it will not put them into operation as long as they are under Russian occupation.
Poland completely without the gas
In short, at the moment, the two largest pipelines bringing Russian gas to Europe, via Ukraine and Germany, operate at a capacity reduced by 30 to 40 percent, while the third pipeline - the one passing through Poland - is out of operation because Warsaw does not want to pay for gas in rubles.