We think WINGAS was not recently really receiving much #natgas from #Gazprom. Which means these sanctions may be more symbolic than anything else, especially for the summer. The sanctioning of EuRoPol Gaz could prove to be problematic for the winter. 1/3
While #Gazprom has not been using it much recently, flows west at Mallnow do still happen when LTCs are in the money vs #TTF. So come winter if buyers want the top of their ToP, there is less seller-flexibility, especially as Gazprom also no longer has storage within the EU. 2/3
The role of NEL, OPAL and Gascade, which are NOT on the list, is something to note too. This allows #Gazprom to continue to delivery to its customers' title transfer points which are south or west of Germany. #TTF #ONGT #natgas 3/3
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