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Gas Surges in Europe Amid Lower Russian Supply and US LNG Delay

  • Russia’s Gazprom says Nord Stream flows to be cut by 40%
  • Benchmark futures rise 16% to highest level in a month
Updated on

European natural gas surged after Russia’s Gazprom PJSC said technical issues curbed supply through a key link to Germany just as a major export terminal in the US is likely to remain shut for three months.

Benchmark futures settled 16% higher as Gazprom said flows via the Nord Stream pipeline, the biggest link to the European Union, will be limited by 40%. One of the reasons is that Siemens failed to return on time some equipment it was repairing for the link’s entry point in the Baltic Sea, the Russian producer said Tuesday.