Gas prices have risen

 Gas prices soared on Monday due to mounting concerns over energy supplies.

Moscow has blamed Western countries for its decision not to reopen the Nord Stream 1 pipeline after it was shut for three days for maintenance.

When asked if supplies would resume pumping if sanctions were eased, a Kremlin spokesman said,yes.

The Dutch month-ahead wholesale gas price, a benchmark for Europe, was up as much as 30% in early trading on Monday. Prices in the UK rose as much as 35% before winding back to £4.50 per therm.

Wholesale prices have been very volatile in recent weeks. They fell sharply last week when Germany announced that its gas storage facilities were filling up faster than expected.

Tags:gas,Europe,Kremlin,

Russia gas stoppage shakes markets

 Governments in the European Union are rushing through multibillion euro packages to save utilities from collapsing under a liquidity crunch and to shield consumers from skyrocketing energy costs.

Despite the fact that Russia also exports gas to Europe via a pipeline that passes through Ukraine, these supplies have decreased due to the crisis, forcing the EU to scramble to find substitute sources to restock gas storage facilities for the coming winter.

After Russia cut off gas flows via a major pipeline on Monday, sending another shock wave through the economies in the area still battling to recover from the plague, European gas prices spiked, markets fell, and the euro fell.

Finland intends to offer 10 billion euros ($10 billion) in liquidity guarantees to its power companies, while Sweden intends to offer 250 billion Swedish crowns ($23 billion)...

Tags:gas,Russia,Europe,euro,inflation,