European gas prices surge on lower Russian supply

The low gas supply from Russia has been exacerbated by supply problems elsewhere in the world.

Cargoes from larger plants in the US could help supply Europe, Zongqiang Luo, an analyst at Rystad Energy, said in a note.

European gas prices surged after Russia’s Gazprom said technical issues curbed supply through a key link to Germany just as a major export terminal in the US is likely to remain shut for three months.

Prices settled 16% higher as Gazprom said flows via the Nord Stream pipeline, the biggest link to the EU, will be limited by 40%.