European Gas Retreats as Russia Pipe Blast Not Affecting Flows
- Gas jumped briefly on report of explosion on a link in Russia
- Mild weather, ample LNG flows also help keep prices in check
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European natural gas prices pulled back after Gazprom PJSC said its supplies continue through alternative routes following a pipeline blast in Russia.
The fuel is being shipped to customers in full, the company said, confirming earlier reports that a link was damaged by a fire on Tuesday. The pipeline is part of a major transit route crossing Ukraine and into the European Union. Ukraine’s gas grid also confirmed that Russian flows continue as normal. Benchmark futures initially surged on reports of the explosion.