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European Gas Gyrates as Russian Cuts Escalate Energy Crisis

  • Benchmark prices surged as much as 24% before easing later
  • Germany says Russia is trying to unsettle energy markets
Updated on

European gas prices gyrated as Moscow tightened its squeeze on crucial gas flows to the continent, forcing consumer nations to confront the prospect of keeping their economies running without Russian gas.

Benchmark futures jumped as much as 24%, before easing later in the day. The supply cuts are rippling through Europe, with companies including Eni SpA, Engie SA and Uniper SE saying they’re receiving less of the fuel. Germany accused Russia of curbing supplies via the Nord Stream pipeline to unsettle markets, challenging Gazprom PJSC’s claim that the halt was due to technical issues.