Gas prices rose in the UK and EU due to lower supply from Russia

Wholesale gas reference prices in UK and Europe On Thursday, it closed at record levels after data indicated that Russian gas exports to Germany via the main Yamal pipeline were not expected on Friday.

Europe depends on Russia for about 35% of its natural gas. Most of it comes via pipelines such as Yamal, which goes through Belarus and Poland to Germany Nord Stream, which goes directly to Germany, and gas pipelines that pass through Ukraine.

The Dutch one-month wholesale gas contract, a European standard, closed on Thursday At 145 euros per megawatt-hour (MWh), close to the historic cap of €155/MWh in October.

The British equivalent closed at 3.46 pounds per kilocalorie (a unit of energy equivalent to one million kilocalories), having recorded 3.58 pounds per kilocalorie.

Traders said prices were reacting to the news that orders for Russian gas flowing through the Yamal-Europe pipeline to Germany at the Malno measurement point were at zero at 06:00 a.m. local time Dec. 17, according to the operator’s website Gascade.

Flows to Germany have been stable in recent days.

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