Germany on 'gas alarm', sees long-term supply shortages: Report

Europe’s biggest buyer of Russian gas is bracing for a further drop in supply next month when a key pipeline shuts for maintenance – and fears the link may never return to full capacity.

The Nord Stream pipe, already operating at just 40 per cent of normal levels, will be offline for works on July 11-21, tightening a market that’s seen prices soar in recent weeks. That means less gas will be available to pump into storage, jeopardising German efforts to replenish essential stockpiles ahead of winter.

“The interruption of Nord Stream 1 will test the market’s ability to continue storing gas”