With Gazprom closing its Yamal-Europe pipeline tomorrow for a week of repairs,

Europe’s price of gas has climbed steadily reaching $450/thousand cubic meters. EU gas storage facilities are only 47.5% full — the lowest level in history and 15 points below the average of the last five years. With no price relief in sight, Nord Stream 1 closes on July 13 for 10 days of repairs. In previous years, Gazprom compensated for scheduled pipeline maintenance by sending more gas across Ukraine.