Europe Gas Prices Gain on U.S.-Russia Sanctions, SPR Plans
- U.S. sanctions aim at the controversial Nord Stream 2 pipeline
- Oil consumers to release strategic reserves, also boosting gas
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European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.”
Benchmark European gas futures rose as much as 10.6% to 92.90 euros a megawatt-hour and the U.K. equivalent increased as much as 10.5% to 233.35 pence a therm.