Free Republic

Russian President Vladimir Putin on Wednesday offered to resume gas supplies to Europe through the intact part of the Nord Stream 2 gas pipeline. "The ball is in the EU's court. If they want to, then the taps can be turned on and that's it," he said in a speech at an energy forum in Moscow. Germany, however,,said it would not take Russian gas via the Nord Stream 2 pipeline that has become a flashpoint in the Ukraine crisis. Asked if Berlin would rule out the use of Nord Stream 2, German government spokeswoman Christiane Hoffmann said, "Yes."

Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses. ... High energy and commodity prices are weighing on demand and putting pressure on profit margins, said Carsten Brzeski, chief eurozone economist at ING bank. Companies can no longer pass through higher costs to consumers as easily as in the first months of the year. Company order books are shrinking, while businesses that use a...

Those taking the German government to task over the ongoing gas crisis have been branded the “new enemies of the state” by one government minister in the country. An ostensibly “centrist” minister in Germany has branded those looking to hold officials accountable for their chronic mismanagement of the country as the “new enemies of the state”. The minister — who is a member of former chancellor Angela Merkel’s Christian Democratic Union (CDU) party — made the claim as authorities in the country begin to fear significant backlash for gas shortages in the winter, with one official saying that he is...

Now there's a growing sense that Europe might not only meet its gas targets but also exceed them... Injections to Europe’s gas storage are running about nine weeks ahead of last year... European gas storage levels are above 70%, and have even surpassed the 5-year average. By November 1st, the EU will likely hit 80% natural gas storage capacity (its goal) – in time for peak winter demand. Germany is even aiming for 95% capacity, and is already at 75%... Indeed, analysts at Standard Chartered Plc are saying that President Vladimir Putin’s gas weapon will be effectively blunted by the...