German Chancellor Olaf Scholz’s decision to suspend the contract for the “Nord Stream 2” project is causing a rise in gas futures prices in Europe.
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Gas prices rise in Europe following the contract for the “North Stream 2” project was suspended
Gas futures prices in Europe accelerated following German Chancellor Olaf Scholz decided today, Tuesday, to suspend the contract for the “Nord Stream 2” project, which was supposed to provide gas to Germany and Europe at moderate prices and in large quantities.
Gas futures prices in Europe rose by 10%, and exceeded $900 per thousand cubic meters, this morning, according to data from the London Stock Exchange.
The opening price, today, Tuesday, was 934.7 dollars per thousand cubic meters, which is 10.2% more than its price the previous day, which recorded regarding 847.9 dollars.
Prices fell slightly to below $900, but in the last minutes, following the German Chancellor’s announcement, they rose once more and amounted to $932.4 per thousand cubic meters.
Gas prices rose following German Chancellor Olaf Scholz ordered the Ministry of Economy to instruct the German company organizing the Nord Stream 2 project to cancel the contract.
Earlier today, the Russian “Interfax” agency reported that Russian President Vladimir Putin Promise to continue gas supplieswithout interruption to global markets, and this was also confirmed by Russian Energy Minister Nikolai Shulginov.
