Gasoline draw drives up oil prices – OilPrice.com

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Gasoline draw drives up oil prices – OilPrice.com

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Norway will step up security at its oil and gas facilities after three explosions rocked Nordstream 1 and 2 pipelines, the country’s oil and energy minister said on Tuesday.

Germany’s economy minister also spoke strong words on Tuesday, saying he knew how – and could – defend his infrastructure.

This week, authorities in Denmark and Sweden reported leaks from Nordstream 1 and 2 pipelines in the Baltic Sea. Neither pipeline was operational at the time, but contained gas, which is now leaking into surrounding waters.

European officials and analysts say the leaks cannot be coincidental. A German official says the evidence points to sabotage rather than just a technical problem.

The Swedish National Seismology Center said measuring stations in Sweden and Denmark recorded powerful underwater explosions.

13 nautical miles southwest of the Danish island of Bornholm, one of three gas leaks from the Nordstream pipeline can be seen by satellite. The damage shows a major rupture which can be seen impacting the water over an area 700 meters in diameter, or almost a kilometer.

According to Danish Prime Minister Mette Frederiksen, there were three leaks about Nordstream 1 and 2. “It’s hard to imagine that it could be accidental,” Frederiksen said. The Polish Prime Minister called it a clear act of sabotage.

The Kremlin said no cause should be ruled out at this stage.

Just yesterday, the Norwegian Petroleum Safety Authority warned that unidentified drones had been reported near offshore installations. The PSA warned that not only could this impact the transportation of oil and gas workers to rigs, but drones could also be used for deliberate attacks.

The odds of Nordstream 1 resuming operations this year are close to zero, S&P Platts James Huckstepp said on Tuesday.

By Julianne Geiger for Oilprice.com

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