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Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

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Russia Not Able to Restore Pipeline Flows to Europe Any Time Soon

The scarcity that threatens to plunge the continent into an energy crisis this winter will deepen if Russia doesn’t soon resume exporting natural gas to Europe via its Nord Stream 1 pipeline.

Gazprom, the state-owned energy company in Russia, announced on Friday that it would not restore pipeline flows on Saturday as scheduled because an oil leak had been discovered at its Portovaya compressor station. Since Wednesday, the pipeline has been closed for maintenance. A timeframe for when exports might start up again was not provided. It didn’t give a timeline of when exports might resume.

Gazprom stated in a statement that gas supplies to the Nord Stream gas pipeline have been stopped entirely until the problems with the equipment’s operation are fixed.

With nearly 35% of Europe’s total Russian gas imports last year, the Nord Stream 1 pipeline is a vital conduit for delivering Russia’s abundant gas supplies to Europe. It travels directly to Germany, the EU’s largest economy, which depends heavily on Russian gas to power its heavy industry and residential buildings. But ever since it invaded Ukraine in late February, Russia and Europe have been at odds over energy.

The news of the prolonged shutdown was announced on the same day that the major Western economies decided to cap the price of Russian oil in an effort to reduce Moscow’s ability to fund its war while containing global inflation. This could lead to nations denying funding or insurance for oil shipments.

Russia had previously vowed to react by forbidding the export of oil to nations that use price caps. The ongoing economic battle between Russia and the West has also been heavily influenced by the Nord Stream 1 pipeline.

Due to maintenance concerns and a dispute over a missing turbine that was hampered by Western export bans, Gazprom has reduced flows via Nord Stream 1 to just 20% of their maximum capacity since June.

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RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company, with a substantial market capitalization of $112.57 billion, has seen its shares trade within a...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading session on Wednesday, September 6, 2023. Investors and market aficionados were eagerly awaiting the tech company's...

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Shares of Nikola Corp. (NASDAQ: NKLA) drops in early trading session on Monday as the cutting into paper earnings for traders betting against the electric-vehicle company and setting them up for a short squeeze. According to S3 Partners LLC statistics,...

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