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π₯ Germany in shock: gas blackmail continues
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Gazprom will stop gas supplies through Nord Stream from August 31 to September 2 due to technical work at the Trent 60 gas compressor station. However, Siemens experts say that the repair of turbine has been completed long ago and the equipment is just waiting for the necessary customs documents.
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German Chancellor Scholz is confident that there are no technical or legal reasons for reducing gas supplies. Russia fears that the only turbine can be stopped remotely at any time due to new sanctions, so it uses the current situation for political pressure on Europe.
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Pipeline is already loaded at only 20% of its maximum, but traders believe that after the completion of repairs, Russia may not resume supplies at all due to political sanctions.
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Recent studies by analysts GfK, IFO, ZEW, as well as PMI indices show an increase in pessimism among European business representatives. Europe has already lost about 50% of zinc and aluminium production β fuel is becoming too expensive for industry. Maximum losses await the German and Italian economies.
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Germany's gas storage facilities are 75% full, but even if we take the entire available volume, these reserves will only last for 2-2.5 months of normal consumption. The country is bracing for an energy shortage: the shutdown of three nuclear power plants has been delayed, LNG terminals are under construction on the coast, and five floating terminals have been chartered. But all these measures do not have time for the beginning of the winter season.
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The price of gas on the EU stock exchanges is already 12 times higher than the regular price at this time of the year, and the upward trend continues. European prices put pressure on the world market: example, the export price of American LNG is seven times higher than the price of the US domestic market, which encourages producers to export raw materials from the country. So let's freeze together.
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Profits to yβall!