Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Natural gas prices in Europe rose as supply fears intensified amid a push for further sanctions against Russia.
Benchmark futures rose as much as 7%. Some European Union members are pushing for the bloc to quickly impose new penalties against Russia after reports of atrocities near Kyiv. German Chancellor Olaf Scholz said the country and its allies will agree “further measures” against Moscow in coming days, without providing details. Defence Minister Christine Lambrecht said the EU should talk about ending Russian gas purchases.
Traders are also watching moves from buyers after Moscow initiated ruble payments for the fuel. While some are still assessing the plan, Lithuania, a relatively small client, has fully ended gas imports from Moscow in response to the demand.
Still, for now shipments from Russia via key pipeline routes remain broadly stable.
Dutch front-month, the European benchmark, rose 2.6% to 115 euros a megawatt-hour by 8:24 a.m. in Amsterdam. Prices increased 11% last week, the first weekly gain in a month.
“Geopolitical risk may keep gas prices higher for longer,” Bloomberg Intelligence analysts Henik Fung and Chia Cheng Chen said in a note. “The Kremlin’s call for ‘unfriendly’ European countries to pay for Russian gas in rubles raises the stakes for supply and the specter of disruption.”
