MOSCOW, Jan 4 — European gas prices soared more than 30 per cent today as low supplies from Russia reignited concerns about an energy crunch as the region heads for colder weather.
Expectations for colder weather in Europe were contributing to upward pressure on prices, but the low Russian gas flows were the key driver, a trader said. Europe has been at the centre of an energy crisis since last year, when the lifting of Covid-19 restrictions put huge demands on depleted stocks of natural gas.
Russia has denied the allegations, and says the pipeline will boost gas exports and help alleviate high prices in Europe. It has said it is meeting its contractual obligations on gas deliveries.Russian energy giant Gazprom said on Sunday it had increased its overall gas exports, including to China, last year. However, it was likely to miss its target for supplies to Europe.
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