European Gas Rises Further as Russian Cuts Bring Rationing Risk
- German economy minister warns of ‘serious’ situation
- Russia’s Nord Stream pipeline remains at 40% capacity
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European natural gas prices rose after rallying 43% last week as Russia’s steep supply cuts put governments on high alert amid a mounting possibility of rationing.
Benchmark futures rose as much as 8.9%, with shipments via the Nord Stream pipeline remaining at just 40% of capacity. Supply likely will remain curbed, with Gazprom PJSC Chief Executive Officer Alexey Miller warning there’s no solution at the moment for issues with the gas turbines essential for the pipeline’s functioning. That risks slowing the refilling of storage tanks for the winter, when demand typically peaks.