Nord stream sanctions reinforce Gas market shift - ING

The sanction package includes a transaction ban on Nord Stream 1 & 2, ING's commodity experts Ewa Manthey and Warren Patterson note.

Energy markets stir as flows halt, rigs drop, and bets rise

"This will effectively prevent a restart of natural gas flows through Nord Stream 1. It also ensures that flows through Nord Stream 2, which has never been commercially operational, don't commence."

"Despite oil prices having been more stable in recent weeks, the US oil rig count continues to fall. According to Baker Hughes data, the number of active oil rigs in the US fell by two over the last week, leaving the total number of oil rigs at 422. This is the 12th consecutive week of declines, taking the cumulative decline to 53 over this period."

"The latest positioning data shows that speculators increased their net long in ICE Brent by 16,398 lots to 238,745 lots as of last Tuesday. The increase was predominantly driven by fresh buying. Meanwhile, speculators continue to build their net long in ICE gasoil, amid a tightening in the middle distillates market. Speculators bought 6,384 lots to leave them with a net long of 90,168 lots, the largest position since July 2024."