Eurozone natural gas benchmark jumps 30%

Trading Economics/Staff/9-5-2022

“TTF natural gas futures, the European benchmark jumped more than 30% to above €280 per megawatt hour on Monday, after touching a three-week low of €203 on Friday, as Russia’s Gazprom reversed its plan to resume flows through the Nord Stream pipeline and shut it indefinitely, citing maintenance requirements. The Nord Stream pipeline was already running at just 20% of capacity before flows were halted last week for a three-day maintenance period. Gazprom decision is set to deepen an ongoing energy crisis in Europe, with countries trying to find alternatives to Russian gas supply, including liquefied natural gas from the US. European Union ministers will have an emergency meeting this week to discuss the energy crisis and define special measures to fight rising costs, which could include gas prices caps.”

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