Russia widened its gas cuts to Europe on Tuesday with Gazprom turning off supply to top Dutch trader GasTerra escalating the economic battle between Moscow and Brussels and pushing up European gas prices.
The move comes a day after Denmark flagged a potential end to its Russian gas supply and the European Union’s toughest measure yet against Russia for its invasion of Ukraine, an agreement to halt sea-borne imports of its oil.
GasTerra, which buys and trades gas on behalf of the Dutch government, said it had contracted elsewhere for the 2 billion cubic metres (bcm) of gas it had expected to receive from Gazprom through October.
“This is not yet seen as a threat to supplies,” said Economy Affairs Ministry spokesperson Pieter ten Bruggencate.
Danish firm Orsted on Monday warned that Gazprom Export could also halt its supply but it too said such a move would not immediately put Denmark’s gas supplies at risk.
The benchmark front-month gas contract rose around 5% on Tuesday morning to around 91 euros/MWh but remained well below highs over 300 euros/MWh hit in early March.
via Reuters
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