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European Gas Surges More Than 10% as Russia Keeps Grip on Supply

  • Gazprom opted not flow additional gas to Europe via Ukraine
  • Traders booked a fraction of pipeline capacity into Germany
The Mallnow gas facility in Germany.

The Mallnow gas facility in Germany.

Source: Google Maps

Updated on

European gas prices surged more than 10% as Russia is keeping its grip on the market, opting to cap additional flows to the continent.

Gazprom PJSC opted not to flow more gas to Europe via Ukraine in October, according to the results of an auction on Monday. There were also signs Russian flows via the key Yamal-Europe pipeline will remain limited, with traders booking just a fraction of the capacity offered to flow gas next month into Germany via the Mallnow compressor station.