European gas and electricity prices have risen amid indications that Russia will not increase supplies as promised by President Putin.
Gas futures traded in the Netherlands rose 9.7% as orders through a major Russian pipeline hinted that deliveries would remain much lower than usual on Monday.
Worse still, the gas that flowed this morning was east, from Germany to Poland, in the opposite direction.
Electricity contracts are also on the rise, amid concerns that there will not be enough fuel to power the thermal power plants in the winter.
Europe’s largest gas supplier had promised to send more gas to the region from Monday, with Putin ordering Gazprom to fill its European warehouses after the completion of the Russian stockpiling campaign.
By contrast, the company has said it will not sell fuel through its platform this week and has not committed to weekend auctions, extra capacity to ship more supplies to Europe on Monday.
“It’s disappointing as the gas market needs more supplies,” said a Dutch energy RZEM analyst.
European gas prices have tripled this year as Russia maintains supply restrictions while liquefied natural gas shipments are diverted to Asia.
Moscow has repeatedly said it can supply more gas to Europe via the controversial Nord Stream 2, and has pressured the continent to approve flows through its 1,200km pipeline.
European gas futures rose 9.7% and traded 4.8% higher at 77.47 euros per megawatt hour at noon in Amsterdam.
The December delivery contract for electricity in Germany increased by 5.8% reaching 166.50 euros.