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European gas prices skyrocketed on Tuesday as GTSOU failed to sell monthly interruptible transport capacity at the UA/RU border once again, fuelling concerns over a tight Russian gas supply outlook for July. Indeed, flows through both Yamal and Nord Stream 1 pipelines are due to halt for their annual shutdown (6-10 and 13-23 July respectively) while we had the confirmation yesterday that flows through Ukraine at the Velke Kapusany entry point won’t increase to offset the shortfall on the back of multi-year low stock levels for this time of year. Day-ahead prices were significantly up as well despite an increase in Norwegian gas exports to Europe since the beginning of the week due to a reduced maintenance impact and overall gas demand 4% below the 5-year average in June in NW Europe
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