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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Gas Prices Soar as Indefinite Halt of Nord Stream 1 Kindles Winter Fears

European Union Gas Prices ING Nord Stream 1 Germany Warren Patterson Russia Europe
View of pipe systems and shut-off devices at the gas receiving station of the Nord Stream 2 Baltic Sea pipeline in Lubmin, Germany, Sunday, Sept. 4, 2022. (dpa via AP)

Dutch and British wholesale gas prices soared on Monday morning, reversing most of a downward trend seen the previous week, after Russian gas deliveries to Germany via the Nord Stream 1 were suspended indefinitely over the weekend.

The British contract for day-ahead delivery sky-rocketed 200 pence, or 133% to 350 pence per therm by 0929 GMT, and the within-day contract gained 50 pence to 350 p/therm.

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