Natural Gas Technical Analysis: Settles at Highest in 7 Weeks

Natural gas futures rose on Tuesday but pared early gains, settling at their highest levels since June 7, according to Dow Jones Market data. Prices continued to get a boost after reports that Russian state-owned Gazprom’s natural gas exports via the Nord Stream pipeline to Germany will be halved.

Russian energy giant Gazprom said it will reduce the flow of natural gas to Germany through the Nord Stream 1 pipeline to 20% of its capacity, or 33 million cubic feet per day, according to news reports, at half its current level.

Russia’s Gazprom is supplying as much gas as possible to Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, adding that technical problems with equipment imposed by sanctions prevent Gazprom from exporting more.

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