About
NORD is an independent research platform covering the Former Soviet Union (FSU) and Middle East–North Africa (MENA) energy markets. We publish analytical notes for professional readers: traders, analysts, researchers and institutional investors. We also score those notes against what happens next.
Our mission
English-language coverage of FSU and MENA energy markets is fragmented and often outdated, while the energy transition, geopolitical reordering and infrastructure buildout across these two regions will shape market dynamics for the next decade. The research available does not match the stakes.
NORD exists to fill that gap, and to be accountable for what it publishes. Every claim carries a quotation a reader can check. Every note is scored against observed outcomes on a published schedule, with the failures published beside the successes.
What is published
The Strait That Tilts the Balance, April 2026. Thirty pages on the structural transformation of oil market architecture triggered by the Hormuz crisis. Supplied as a PDF on request.
The Hormuz Note, Four Months On, the accuracy assessment of that note, scored against sourced outcomes to September 2026.
The Methodology page states how both are built, and it is the page to read first if you are deciding whether this work is worth your time.
In construction
The NORD Med-TTF Basis Indicator, a monthly estimate of the price differential between Southern European gas hubs and the Dutch TTF benchmark, weighted by Algerian supply exposure. Its full specification is published on the Methodology page before any value exists, so the construction can be argued with before it is used. No value has been published and none will be until it has been calibrated on observed data.
Coverage
Oil market structure across the FSU and the Gulf is the current focus, which is where the published work sits.
Algerian gas flows to Southern Europe, through TransMed, Medgaz and the LNG terminals, are the subject of the indicator in construction.
Caspian corridor exports and Mediterranean LNG pricing are intended directions, not current coverage, and they will appear here when there is something published to point at.
Sources and their limits
NORD works from publicly available primary sources: system operator data, official statistical offices, regulatory filings and named institutional publications, in the languages they are issued in.
We do not use confidential trading data, non-public contract terms or proprietary broker feeds, and we hold no subscriptions to the commercial price assessment services. That is a real constraint and it is stated here so it is not discovered later. Some series we would like to track are read from secondary reporting, and where that happens the published work says so at the point where the reading is used.
The compensation is that any competent reader can reproduce our work from the same public sources. Nothing here rests on access you do not have.
Editorial independence
Our published research is never commissioned, sponsored orfunded by any party with an interest in its conclusions. Nobody buys a published conclusion, and nobody sees one before it is public.
We also undertake commissioned research and analysis for clients, described on the Advisory page. That work is delivered privately and is never published as NORD research. Where a client relationship bears on a subject we publish on, the relationship is disclosed at the point of publication.
NORD holds no equity, trading position or financial interest in any entity it writes about. It is not a Price Reporting Agency and does not publish prices.
Get in touch
Research enquiries, methodology objections and source challenges: research@nordenergy.co
Corrections are welcome and are answered. A substantive challenge to a source or a method is documented and, where accepted, incorporated with credit to the person who raised it.