European Gas Advances Amid Gazprom Threats, EU’s Price-Cap Plans
- Gazprom may curb Ukraine transit on issues with Moldova flows
- Gas also rose as EU proposed €275 cap, far above current level
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European natural gas advanced as the European Commission proposed an emergency brake on prices way above current levels just as Russia threatened to further cut flows sent through Ukraine.
Benchmark futures settled 3% higher after jumping as much as 7.6% earlier as the commission proposed a price-cap level of €275 per megawatt-hour. That’s more than double the present cost, but below the highs the continent suffered in the summer.