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
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