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The Balticconnector gas pipeline was shut early on Sunday on concerns that gas was leaking from a hole in the 77-km (48-mile) pipeline. Finnish operator Gasgrid said it could take months or more to repair. "It is likely that damage to both the gas pipeline and the communication cable is the result of outside activity. The damage to the gas pipeline was believed to have taken place in Finnish waters, while the telecoms cable breach was in Estonian waters, Finnish authorities said. Prices were already up on Tuesday due to fears over tensions in the Middle East but expectations that outside activity caused the pipeline damage pushed prices in the nervous market higher.

Persons: Jens Stoltenberg, Gasgrid, Sauli Niinisto, Petteri Orpo, Orpo, Elisa, Timo Kilpelainen, Terje Solsvik, Anne Kauranen, Anna Ringstrom, Andrius, Marta Frackowiak, Louise Rasmussen, Susanna Twidale, Julia Payne, Bart Meijer, Gwladys Fouche, Susan Fenton, Jonathan Oatis Organizations: Finnish Border Guard, Companies Gas, PM, NATO, Reuters, Finnish, Amber Grid, Thomson Locations: of Finland, Estonian, Finland, Estonia, HELSINKI, Baltic, Finnish, Inkoo, Paldiski, St Petersburg, NORD, Russia, Germany, Latvia, Lithuania, Lithuanian, Ukraine, United States, Latvian, Hamina, Oslo, Helsinki, Stockholm, Andrius Sytas, Vilnius, Gdansk, Copenhagen, London, Brussels

☆ Gas pipeline between Finland and Estonia shut over suspected leak
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

Companies Gas2grid Ltd FollowOSLO, Oct 8 (Reuters) - A subsea gas pipeline connecting Finland and Estonia was shut down early on Sunday following an unusual drop in pressure, Finnish gas system operator Gasgrid said in a statement. "Based on observations, it was suspected that the offshore pipeline between Finland and Estonia was leaking," Gasgrid said in a statement. "The valves in the offshore pipeline are now closed and the leak is thus stopped. Gasgrid Finland is currently investigating the matter in cooperation with Elering," it added. The state of the Finnish gas system was stable on Sunday morning and supply of gas in Finland was secured for the time being through the country's Inkoo floating LNG terminal, Gasgrid said.

Persons: Gasgrid, EET, Terje Solsvik, Toby Chopra Organizations: Gasgrid, Elering, Thomson Locations: OSLO, Finland, Estonia, Gasgrid, Estonian, Gasgrid Finland

The S&P 500 climbed 0.12% to end the session at 4,467.44 points. The Nasdaq gained 0.29% to 13,813.59 points, while the Dow Jones Industrial Average declined 0.20% to 34,575.53 points. The S&P 500 consumer discretionary index (.SPLRCD) climbed 0.9%, lifted as Ford Motor (F.N) rallied 1.5% on the vehicle maker's plans to double the production of its hybrid F-150 pickup trucks in 2024. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 10 new highs and 11 new lows; the Nasdaq recorded 20 new highs and 199 new lows.

Persons: Victoria Fernandez, Raindrops, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Nasdaq, Dow, Federal Reserve, Microsoft, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

Megacap growth stocks Tesla (TSLA.O), Meta Platforms (META.O), Microsoft (MSFT.O) and Amazon.com (AMZN.O) gained for much of the session. According to preliminary data, the S&P 500 (.SPX) gained 5.87 points, or 0.13%, to end at 4,467.77 points, while the Nasdaq Composite (.IXIC) gained 39.96 points, or 0.29%, to 13,813.59. Data showed consumer prices increased by the most in 14 months in August as gasoline prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Reuters Graphics Reuters GraphicsThe Fed is unlikely to cut rates before the April-June period next year, a Reuters poll showed.

Persons: Victoria Fernandez, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Federal Reserve, Microsoft, Apple, Nasdaq, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

The company, which nearly collapsed after Moscow cut and then stopped gas supplies to Germany, now sees a net loss of 19.1 billion euros ($21 billion) for 2022, it said on Wednesday. It said on Wednesday that losses caused by costs to replace Russian gas volumes reached 13.2 billion euros in 2022. "The development of the gas price has a major impact on Uniper's losses for realized and future gas replacement procurement. She said the significant decrease in gas prices at the end of 2022 meant expected losses for future gas replacement costs were reduced to 5.9 billion euros from 30 billion euros. "The actual losses and anticipation of losses from gas replacement cost in the future will continue to significantly fluctuate with changing gas prices," Uniper said.

☆ Europe's gas market faces risks from EU price cap, Equinor says
▼ + stars: | 2022-12-12 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

SummarySummary Companies Gas market liquidity at risk from price cap plansPrice cap will not hamper Equinor deliveries to EuropeBilateral delivery contracts volume has doubledOSLO, Dec 12 (Reuters) - A European Commission plan for a gas price cap risks reducing liquidity in Europe's gas market, posing a threat to how it functions, head of trading at Norwegian oil company Equinor told Reuters, but its own gas deliveries will not be affected. For Equinor, the biggest concern is what happens to the liquidity in the gas market, Helge Haugane, Equinor's head of gas and power trading, said in an interview. "I think the price cap is the one that we need to pay attention to," Haugane said. These contracts are typically indexed to various gas price indices and cover delivery terms of up to 10 years, he added. Equinor is also open to discuss longer term fixed price contracts, but so far there has been limited interest from buyers, he added.

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