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European Gas Prices Jump 20% as Russia Keeps Volumes Capped

  • Russian gas flows via a key route through Ukraine decline
  • Global LNG exports surge to a record in the month of December
Gas meters outside residential buildings in Rome, on Dec. 28, 2021.

Gas meters outside residential buildings in Rome, on Dec. 28, 2021.

Photographer: Alessia Pierdomenico/Bloomberg
Updated on

Natural gas prices in Europe surged on Monday as reduced flows from Russia again caused uncertainties about Europe’s supply security in the winter months.

Benchmark European gas for next month jumped as much as 20% to 84.50 euros a megawatt-hour, after falling earlier. Russian flows via a key route through Ukraine dropped. Meanwhile, supply concerns were exacerbated by potentially growing gas demand in Asia which could result in the region attracting liquefied natural gas cargoes, leaving Europe once again starved for the fuel.