*EUROPEAN GAS PRICES JUMP 20% AFTER RUSSIA SHUTS NORD STREAM PIPELINE - 🇪🇺 🇷🇺
Investing.com -- European natural gas futures leaped at the opening on Monday, after Russian gas monopoly Gazprom shut down the Nord Stream pipeline to Germany, raising fears of a total shutdown of Russian supplies over the winter.contract, which serves as a benchmark for northwest Europe, leaped as much as 31% before retracing a little to trade at 263 euros a megawatt-hour by 03:25 ET . That's a gain of 22.5% from Friday's close.
Nord Stream had been shipping around 30 million cubic meters of gas a day before the stoppage - around 20% of its official capacity. The loss of that supply makes it harder for European utilities to continue the good progress they had made on filling their storage facilities ahead of the winter heating season.
The sense of crisis in Europe's energy sector deepened over the weekend after Friday's events, with Germany imposing a windfall tax on electricity generators to fund a 65 billion euro relief package for customers facing unaffordable rises in their bills, while Finland and Sweden also announced emergency packages to stop energy companies collapsing as the price of supplies skyrocketed.
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