Europe’s Gas Prices Soar Again On Lower Russian Supply

Following several days of declines, natural gas prices at the key European and UK hubs surged again on Monday, after gas flows on the Yamal-Europe pipeline from Russia reversed the direction eastward instead of westward through Germany. Grid operator Gascade said, as quoted by Bloomberg, that flows of natural gas at the Mallnow entry point in Germany of the Yamal-Europe pipeline had dropped to zero on Saturday. The pipeline was instead sending gas east—from Germany to Poland. This caught traders and analysts by surprise on Monday, especially…