Gazprom PJSC said it has found a solution with Italian buyers to overcome the regulatory changes in Austria at the end of September that were preventing transit flows,

"If a decision is made to start deliveries through Nord Stream 2's line B, natural gas will be pumped into the pipeline after the integrity of the system has been checked and verified by supervisory authorities," it said.

The current gas crisis also casts longer-term uncertainty on the prospects for natural gas, especially in developing markets where its use was expected to rise at least in the medium term as it replaced other higher-emission fossil fuels.

The halt in deliveries to Italy is the latest disruption to Russian gas flows to Europe after supplies were already halted via the Yamal-Europe and Nord Stream pipelines earlier this year and deliveries via Ukraine sharply curtailed.

According to preliminary data, Gazprom produced 313.3 billion cubic meters of gas from January through September 2022. This is a decrease of 17.1 per cent (or 64.8 billion cubic meters) versus the same period of last year.

In a spokesman for the Kremlin last week where Europe was threatened about how difficult it would be to face the coming winter.

Benchmark futures declined as much as 5.9%. Ministers supported measures including a power-demand reduction goal and a profit grab from energy companies, and said more was likely this week.

U.S. Rig Count is up 1 from last week to 765, Canada Rig Count is down 2 from last week to 213.

"On the price cap, there is nothing near a consensus," a diplomat from one EU country said.

The 27-nation bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier, cut shipments following the invasion of Ukraine. Still, more action is needed to contain the energy crunch that’s fueling inflation and risks recession.