U.S. Rig Count is unchanged from last week at 650, Canada Rig Count is down 7 from last week to 217.

Engie said it would comply with any European sanctions that could potentially affect Russian gas supplies to Europe, but warned of the major impact such a move would have on the market.

Germany will look into all options in response to the likely decrease or stop in Russian fossil fuel deliveries to Germany, including a longer run-time of nuclear and coal-fired power plants, even if those options are unlikely.

Europe's top economy has been under pressure from other Western nations to become less dependent on Russian gas, but its plans to phase out coal-fired power plants by 2030 and to shut its nuclear power plants by end-2022 have left it with few options.

U.S. Rig Count is up 5 from last week to 650, Canada Rig Count is up 4 from last week to 224.

The TANAP is the central part of the Southern Gas Corridor, which connects the Shah Deniz gas field in Azerbaijan to Europe through the South Caucasus Pipeline (in Azerbaijan and Georgia) and Trans Adriatic Pipeline (TAP, from Greece to Albania and Italy).

Nigeria, Niger and Algeria have approved a roadmap to develop the 30 bcm/year Trans-Saharan Gas Pipeline (TSGP) between Warri in Nigeria to Hassi R’Mel in Algeria, passing through Niger.

It added that deliveries on Feb. 24 are set at 83 million cubic meters, a 31.4% increase on Feb. 23.

“Welcome to the new world where Europeans will soon have to pay 2,000 euros ($2,270) per thousand cubic meters!” he tweeted – suggesting prices were set to double.

Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.