A key Russian pipeline to Europe may not return to full capacity after planned maintenance this month, Goldman Sachs Group Inc. said, echoing the concerns of German officials. Nord Stream 1 will shut for works on July 11-21, tightening a market that’s seen prices soar in recent weeks. With Russia having already slashed flows through the pipe to just 40% of normal levels, any move to withhold supplies for longer would severely hurt Europe’s efforts to refill stockpiles for winter. “While we initially assumed a full restoration of NS1 flows following its upcoming maintenance event, we no longer see this as the most probable scenario,” Goldman analysts said in a note. The bank raised its gas-price forecasts for Europe into next year, citing increased risks to supply. European gas is trading at the highest level in almost four months as consumers endure the worst energy crunch in decades, while […]