European Natural Gas Prices Soar And Pound And Euro Fall As Russian Pipeline Shutdown Start To Markets

 

The Guardian: Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline 

European countries scramble to store as much gas as possible before winter as they brace for shortages 

Gas prices surged on Monday and the pound and euro slumped after Russia shut down a big pipeline indefinitely. Russia has used its control of gas supplies to exert pressure on European countries in retaliation against sanctions imposed after its invasion of Ukraine. 

Gazprom, the Russian state-controlled gas company, closed the Nord Stream 1 pipeline from Russia to Germany on Friday, saying it had found a leak requiring repair. 

The threatened cuts to supplies of gas from Russia have prompted a scramble by European countries to store as much gas as possible before winter, as well as efforts to find alternative supplies.  

Read more ....  

WNU Editor: This shutdown of Nord stream 1 is having a global impact .... Global stocks sink as Europe faces new squeeze on gas supply (AP). 

It has been quite an experience this morning to see and hear EU leaders and pundits (see above DW video) that this closure must force the EU must decouple from Russian gas and find other sources of natural gas. The problem is that there is none, and there will be none for years. 

It is also amusing to hear the same pundits say that the Russian economy will be hit by this pipeline closure. Maybe so, but not today. In the meantime it is Europe that is going to suffer this winter, and probably for the next few years if the Russian - Ukraine war is not resolved. 

European Natural Gas Prices Soar And Pound And Euro Fall As Russian Pipeline Shutdown Start To Markets  

EU gas price rockets higher after Russia halts Nord Stream flows -- Reuters  

Europe: Gas prices soar as Russian pipeline shutdown hits markets -- DW  

Europe Energy Prices Jump as Moscow Tightens Screw on Gas Supply -- Bloomberg  

EU races to help industry as Russian gas halt rattles markets -- Reuters 

European markets sink as Russia halts gas flows; Stoxx 600 down 1% -- CNBC  

Europe’s Russian energy crisis is escalating and so are the costs -- CNN