MNI Commodity Analysis: Russia-Europe Flows Back on the Table

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Executive Summary:

• The start of US-Russia negotiations to end the war in Ukraine have sparked talks of increased flows of
  Moscow’s natural gas to Europe, adding pressure to TTF.
• Russian flows transiting Ukraine are widely seen as the most likely avenue for any resumption.
• Even in the most positive outcome for Russian gas, it is unlikely that flows will return to pre-2022 levels
  While the mood music from the White House is more dovish towards Moscow, the US and Russia have
  divergent interests in the natural gas market.