Gas prices are soaring for a week after Germany decided to launch the second phase of its contingency plan, fueling concerns about Moscow’s major cuts in flow to Europe.
Gas futures were found to be gaining more than 7% after the announcement of the German Minister of Economy that the federal government activates the emergency plan alarm levelstressing that Europe’s largest economy is experiencing a gas crisis.
At the moment, the gas contracts are gaining 7.3% at 136.5 euros.
Reductions in supplies from Moscow, which Germany says are politically motivated, have led to severe flow constraints across Europe as governments try to stockpile quantities for the summer.
In total 12 EU countries affected by cuts Russia’s unilateral flows, according to France’s head of European climate policy, Frans Timmermans.
Source: Capital
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