NATGAS: New Planned Norway Works from Tomorrow
Aug-21 09:49
NORWAY GAS UPDATE - A new planned Aasta Hansteen capacity reduction of 5.2mcm/d from Aug. 22 and earlier start to planned Dvalin works raises total outages from 28.7mcm/d today to 40.7mcm/d tomorrow, Gassco shows.
- Norwegian pipeline supplies to Europe are today down slightly at 315.5mcm/d compared to an average of 326.6mcm/d so far in August and 318.3mcm/d in July, Bloomberg shows.
- Total unavailable capacity is estimated to ramp up further from Aug. 27 to over 100mcm/d between Aug. 30 and Sep. 18 although less than over 150mcm/d seen in H1 Sep. 2024.
- Full capacity outages are planned at Dvalin, Aasta Hansteen, Nyhamna, Ormen Lange, Sleipner at the end of this month with reductions also at Kårstø, Troll. Kollsnes, and Åsgard into September.
- See table below for details (source: Gassco events - fields and processing plants)
| Affected Asset or Unit | Event Start | Event Stop | Technical Capacity | Available Capacity | Unavailable Capacity |
| Kårstø | 7/08/2025 | 25/08/2025 | 97.6 | 81 | 16.6 |
| Ormen Lange | 18/08/2025 | 12/09/2025 | 28.1 | 16 | 12.1 |
| Aasta Hansteen | 22/08/2025 | 8/09/2025 | 20.3 | 15.1 | 5.2 |
| Dvalin | 22/08/2025 | 8/09/2025 | 6.8 | 0 | 6.8 |
| Aasta Hansteen | 26/08/2025 | 30/08/2025 | 20.4 | 0 | 20.4 |
| Nyhamna | 27/08/2025 | 28/08/2025 | 79.8 | 0 | 79.8 |
| Ormen Lange | 27/08/2025 | 28/08/2025 | 28.1 | 0 | 28.1 |
| Sleipner | 28/08/2025 | 20/09/2025 | 13.5 | 0 | 13.5 |
| Oseberg | 28/08/2025 | 31/08/2025 | 24.5 | 21 | 3.5 |
| Troll | 28/08/2025 | 30/08/2025 | 125.8 | 109.8 | 16 |
| Kollsnes | 30/08/2025 | 11/09/2025 | 158 | 80 | 78 |
| Kollsnes | 30/08/2025 | 19/09/2025 | 158 | 80 | 78 |
| Troll | 30/08/2025 | 13/09/2025 | 125.8 | 62.8 | 63 |
| Aasta Hansteen | 30/08/2025 | 31/08/2025 | 20.3 | 4.9 | 15.4 |
| Åsgard | 3/09/2025 | 13/09/2025 | 21.7 | 15.4 | 6.3 |
| Dvalin | 8/09/2025 | 15/09/2025 | 7.3 | 0 | 7.3 |
| Kårstø | 9/09/2025 | 11/09/2025 | 97.6 | 87 | 10.6 |
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BONDS: 10-year Gilt/Bund Spread Tests 200bps Following UK Fiscal Data
Jul-22 09:38
The 10-year Gilt/Bund spread has widened 1.5bps today, piercing the 200bp handle for the first time in a month. This morning’s higher-than-expected UK PSNB print is driving the relative underperformance for Gilts.
- Broader core FI yields are facing some upward pressure today, following yesterday’s notable curve bull flattening. Gilt yields are 1.5-3bps higher, while German yields are up 0.5-1.5bps. Both curves have bear steepened on the session.
- Gilt futures are -17 ticks at 91.61, off session lows of 91.46. A bear cycle in Gilt futures remains in play, with initial resistance the 20-day EMA at 91.97. Bund futures are -11 at 130.34, still above the 50-day EMA which was pierced yesterday. A clear break of the EMA would undermine the recent bear theme and highlight a possible reversal.
- 10-year EGB spreads to Bunds are up to 1bp wider, with European equity futures down 0.6% today.
- BOE Governor Bailey is currently speaking to the Treasury Select Committee on the latest Financial Stability Report. Any references to UK inflation or the jobs market will be watched carefully.
- The GBP20.7bln UK PSNB figure for June was GBP6.6bln more than the year prior. The OBR projected a reading of GBP17.1bln, with BBG consensus standing at GBP17.5bln.
- In the Eurozone, the ECB’s Q2 Bank Lending Survey felt supportive of market expectations for one more 25bp cut this cycle - but does not signal a need to rush back into sequential rate cuts following a likely pause at Thursday's decision.
- This morning’s 1.125% Sep-35 Gilt Linker auction was strong (as expected), while German Green Bund supply was digested smoothly.
- Broader focus remains on Thursday’s flash PMIs and the ECB decision.
GERMAN AUCTION RESULTS: Green Bund Results
Jul-22 09:35
| 2.30% Feb-33 Green Bund | 2.50% Feb-35 Green Bund | |
| ISIN | DE000BU3Z005 | DE000BU3Z047 |
| Total sold | E500mln | E1bln |
| Allotted | E422mln | E931mln |
| Previous | E495mln | E2.386bln |
| Avg yield | 2.39% | 2.58% |
| Previous | 2.37% | 2.62% |
| Bid-to-offer | 3.01x | 1.92x |
| Previous | 3.49x | 1.05x |
| Bid-to-cover | 3.57x | 2.07x |
| Previous | 3.53x | 1.32x |
| Avg Price | 99.35 | 99.34 |
| Low Price | 99.35 | 99.34 |
| Pre-auction mid | 99.298 | 99.294 |
| Prev avg price | 99.53 | 98.98 |
| Prev low price | 99.52 | 98.96 |
| Prev mid-price | 99.478 | |
| Previous date | 17-Jun-25 | 08-Apr-25 |
BOE: Bailey Sees UK Experience With Steeper Curve Part of Global Phenomenon
Jul-22 09:25
Bailey speaking on global curves and the UK experience:
- "BANK OF ENGLAND'S BAILEY: WE HAVE SEEN STEEPER YIELD CURVES, THAT IS GLOBAL PHENOMENON" - Reuters
- UK EXPERIENCE IS NOT OUT OF LINE WITH OTHER MARKETS
- CAUSE OF STEEPER YIELD CURVE REFLECTS GREATER UNCERTAINTY ON TRADE POLICY"
He's speaking in front of lawmakers on the BoE's financial stability report - unlikely to get much on monetary policy specifically - but any references to UK inflation or the jobs market will be watched carefully. Livestream here: https://www.parliamentlive.tv/Event/Index/e1eb2a6b-6c37-43d3-a69b-566e1b7a84ab
