Disturbing and Pressure: Russia raises gas price for Europe

European gas prices reached the highest levels of all time Friday after Russia reduced supply, signaling further pressure at a time when European consumers must face increased needs due to the winter season.

According to Reuters, Russian gas supplies through the Yamal-European pipeline fell by nearly 77% of Thursday, according to data from the Gascade network operator, after Gazprom, controlled by the Kremlin, reserved only one third of his capacity available for October.

The November gas award at the Dutch centre of TTF, a reference point for Europe, reached a historic peak of 97.73 euros for megawatts per hour (of space).

Gas demand has increased after the pandemic has run into insufficient amounts of gas in the state, as competition for supplies from Asian buyers China, for example, is looking for more shipments of liquid natural gas (LNG) despite record prices as its winter season begins.

Gazprom is currently under the EU path. A group of Eurodeputs have asked the European Commission to investigate the company's role in price hikes, saying its behaviour has led them to question market manipulation and an attempt to pressure Europe to agree to the quick launch of its Nord Stream 2 gas pipeline.

In the meantime, the Kremlin claims nothing has changed. Through a statement Friday, Moscow said Gazprom, whose gas exports outside the former Soviet Union increased by 15.3% in the first nine months of 2021, is meeting all contract obligations as a whole.

The situation makes it necessary at this very moment for NordStreem2. Through the newly constructed gas pipeline, which awaits the green light of German regulators, Gazprom was planning to send 5.6 billion metres of gas to Europe. But German agreement may be delayed.