Europe’s gas prices temporarily rose by more than 30% in trading on the 8th, as Russia flickered a gas outage to Europe in retaliation for US and European sanctions.
The index of Dutch gas futures is 1 megawatt hour (MWh) = 242.285 euros, up 6.6% at 9:34 am Amsterdam time (5:34 pm Japanese time). At one point it was 32% higher. UK gas futures also rose 5.2%.
Russia’s Deputy Prime Minister Novak said in a television speech late on the 7th that he would be willing to stop supplying natural gas to Europe via the gas pipeline “Nord Stream 1”. He argued that the country had the right to act in a manner equivalent to the sanctions imposed on the Russian economy. However, the decision to shut off Nord Stream 1 has not yet been made, and the pinepline is now “full operation.”
Russia continues to cut off natural gas supply to Europe via Nord Stream 1
Original title:Russian Threat to Cut Off Gas Sends European Prices Surging 30% (excerpt)
