Sky-high gas prices focus on key pipeline from Russia and Europe's heatwave

High temperatures raise concerns about increased energy demand for the electricity generated by gas turbines to power air conditioning units

View of pipe systems and shut-off devices at the gas receiving station of the Nord Stream 1 Baltic Sea pipeline in Lubmin, Germany.

The prices of European wholesale eased slightly but remain at hugely elevated levels for next winter, suggesting traders fear about future gas from Russia whether or not gas starts flowing again along a key pipeline on Thursday.         

The heatwave across the continent has also added to concerns about increased energy demand for the electricity generated by gas turbines to power air conditioning units.