Re-balancing of Europe’s gas, power markets seen unlikely in Q4
A rapid re-balancing of the European gas market looks an unlikely prospect in Q4 2021 as prices continued to reach fresh record highs deep into September.
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With storage stocks at historically low levels for the time of year, Asia beating out Europe for LNG cargoes, and Russia continuing to keep a lid on exports, there is real concern that Europe could face gas shortages through Q4.
One potential potential supply-side savior would be an early approval and startup of the Nord Stream 2 pipeline, which could bring much-needed gas into Europe before the end of 2021.
But with the German regulator allowed to take up to four months — to January — to publish a draft decision, there is a real risk Nord Stream 2 will…