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Nord Stream's back. Back again. Tell a friend

Close price: All time highs were broken once more in the power market. Prices were up in general as GazProm and Putin drive the markets higher with statements on having to run Nord Stream 1 at reduced capacity until the frequently mentioned repaired Turbine is returned to Russia and fitted.

Opening price: Nord Stream 1 has begun flowing again after 10 days of downtime maintenance. Great news right? Well the market at the moment has not responded as such, and prices are actually up. The pipeline is running at a reduced capacity of 30% flows, which suggests volumes of around 40%, before shutdown, or higher may have been priced in.

The markets could still be digesting the news. 30% levels is by far better than 0%, which some were speculating, but still leaves Europe in a very tight spot. And then there is the fact, will even 30% be maintained? Russia have been anything but reliable this year in deliveries.