Unsurprisingly, given the latest developments in the European natural gas market, TTF rallied yesterday, settling more than 7% higher on the day. Three leaks were detected along both the Nord Stream 1 & 2 pipelines, which appear to be due to sabotage. However, from a supply perspective, little has changed given that the Nord Stream 2 pipeline has never come into commercial operation, whilst flows along the Nord Stream 1 pipeline came to a complete halt in late August/early September. However, this latest incident suggests that flows along Nord Stream 1 are unlikely to restart for the foreseeable future. In ... (full story)