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Gas prices in Europe rise as supplies remain scarce

Energy Trade

Gas prices in Europe surged past EUR 80 a megawatt-hour (MWh) in the second week of November, as gas orders via a key Russian pipeline indicated flows will remain below normal in spite of Russian President Vladimir Putin's promises to send more gas to the region starting Monday, according to a report by Trading Economics.

Furthermore, a pipeline capacity auction held on Sunday showed no increase in supplies from Russia to Europe.

Meanwhile, gas shipments entering Germany's Mallnow remained reduced while elsewhere, a damaged pipeline in Bulgaria and the end of a 25-year transit deal between Spain and Algeria added further pressure.

Natural gas prices hit an all-time high of EUR 162/MWh on October 5, and have since declined by about 50% on hopes that supplies will increase with the help of Russia. 

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