European natural gas prices jumped following disruptions to a key transit route through Ukraine, and as Germany said Russia was using energy as a weapon in an escalating clash over supply.
The benchmark contract surged more than 22%, with shipments from Russia via Ukraine set to fall by about 30% on Thursday following interruptions at a cross-border entry point as a result of the war. It adds to the market’s concerns as Moscow halted shipments to Gazprom Germania GmbH and its units in retaliation.
Moscow late Wednesday sanctioned the former Gazprom PJSC subsidiary — which is now under the control of the German energy regulator — including energy supplier Wingas GmbH and London-based unit Gazprom Marketing & Trading Ltd. The move could also upend LNG markets, and bring even greater supply worries.
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