European gas is on the rise as Russian flows through a key route have been reduced and US President Joe Biden has said the Nord Stream 2 pipeline will not go ahead if Russia invades Ukraine.
The benchmark for gas in the Netherlands rose up to 4.3% to 83 euros per megawatt hour, according to Bloomberg, while at 8.55 in Amsterdam it rose 1.4%.
Europe is facing an energy crisis mainly due to historically low gas reserves, the prospect of reduced flows from Russia due to geopolitical tensions around Ukraine and Nord Stream 2, which would connect Russia with Europe through Germany, has not yet received approval.
Biden said the pipeline would not go ahead if Russian President Vladimir Putin ordered an invasion of Ukraine. While Russia has amassed more than 100,000 troops along the border, Putin has repeatedly stated that there are no plans to invade.
It is noted that Russia is the main supplier of gas to Europe. Its flows to the continent through Ukraine declined after rising on Monday. There are still no flows through the Yamal-Europe pipeline to Germany.
While concerns about supply shortages persist, temperatures across Europe expected for next week, which are above normal and unusually mild for the season, keep gas prices under control.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
