Gas Prices Surge in Europe as Russia’s Yamal Pipeline Exports Fall

“The renewed drop in flows to northwest Europe along one of three main pipelines coincides with both the start of linepacking of string 2 of Nord Stream 2, as well as unseasonably cold weather in Russia,” ICIS analysts said.

Reuters

European natural gas prices jumped more than 8% on Dec. 20, nearing an all-time high, with Russian deliveries to Germany through the Yamal-Europe pipeline at very low levels.

A rapid rise in gas prices in Europe in 2021 has caused power price rises, concerns about the knock-on effect on inflation and triggered the collapse of suppliers in Britain.

The Dutch front-month gas contract was at 146.00 euros/MWh, having earlier touched 146.73 euros and with the all-time high record of 155 euros set in October in sight.

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