European Gas Prices Hit Record High

Benchmark natural gas prices in Europe set a new record today reaching $1,200 per 1,000 cu m, or over $100 per MWh. TASS reports that one of the reasons for the latest jump in prices could be a new decline in flows along the Yamal-Europe gas pipeline from Russia. According to the report, the flow of gas dropped threefold this morning but later accelerated, averaging 500,000 cu m per day, even though it remained much lower than the rate gas flowed on Thursday, which was 2.2 million cu m per day. This is the second time this week that the flow along…