MOSCOW, Jan 10 — A pipeline that usually sends gas from Russia to Europe was stuck in reverse after three weeks today, pushing up prices in Europe at a time of political tension between Moscow and the West.
Industry sources and analysts said last month that traders were preferring to take gas from stockpiles to supply European buyers and avoid paying near record-high prices. As Russian gas company Gazprom has not seen bids for westbound exports, the pipeline has switched flows. Some European Union lawmakers have accused Russia, which supplies more than 30 per cent of the bloc’s natural gas, of using the crisis as leverage. They say Moscow has restricted gas flows to secure approval to start up the newly built Nord Stream 2 pipeline, which will supply gas to Germany.
Preliminary Gascade data show the shipments are expected to remain in reverse at least until the early hours of tomorrow. Benchmark gas price reached an all-time high last month of more than €180 per megawatt hour, compared with €19 at the start of 2021.
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