Russia gas dispute hits European markets

Two days of Ukrainian natural gas transit flow cuts, combined with cold weather, have sparked a rise in both short and medium term European natural gas prices.

Day ahead prices at Germany's EGT hub have risen 20% from 22.7 to 27.3 euros per megawatt hour since Monday. While cold weather was the main factor at play on short term prices, market participants say that the Russia / Ukraine dispute is now clearly affecting both short and medium term prices.

On Tuesday EGT hub contracts for February delivery jumped from 21.7 to 23.5 euros per megawatt hour and have stayed around that level on Wednesday following the complete Ukrainian transit shut off

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