European gas prices rise further as Russia cuts supplies

Russia cut supplies through Nord Stream, the largest link to the continent, to less than half of its usual volumes, sending benchmark futures to 8%

Dutch front-month gas futures, the European benchmark, were 7.6% higher (€129.49 per megawatt-hour) this morning.

Natural gas prices in Europe jumped after Russia cut supplies through the largest link to the continent to less than half of its usual volumes, with benchmark futures surging 8%

German Economy Minister Robert Habeck said Wednesday that he believes the reductions through the Nord Stream were “politically motivated” and not due to technical issues as Gazprom PJSC stated. Russia is seeking to unsettle markets and drive prices higher, he said.