European gas storage is full and Equinor has highlighted three potential catalysts that could provide short term relief for the current super low European gas prices
- A delay to Nord Stream 2 due to sanctions
- The lack of a transit agreement with Ukraine
- A colder than expected winter
The Nord Stream 2 project was expected to come onstream on 1 January 2020. However with ongoing concerns that the EU's reliance on Russian gas continues to grow and Trump considering sanctions on the project, it is likely to be delayed.
Russia's agreement to transit gas through Ukraine also expires in January 2020 and there is current uncertainty on whether a new agreement can be reached between the two countries.
So upside to European gas prices to exist as we head into the winter in north west Europe.
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