Europe Gas Prices Slip Amid Disruption of Flows Through Ukraine

Europe Gas Prices Slip Amid Disruption of Flows Through Ukraine

European natural gas prices fell slightly by mid-morning on Wednesday, shrugging off news that physical flows of natural gas from Russia had been disrupted for the first time.

By 5:30 AM ET (0930 GMT), the front-month Dutch TTF contract, which serves as a benchmark for north-west Europe, was down 2.3% from Tuesday's close at 96.50 euros a megawatt-hour, having risen as high as 104.50 euros in the first hour of trading.  

Late on Tuesday, Ukraine's gas pipeline operator Naftogaz had said it was no longer responsible for transit through the territories occupied by Russian forces, claiming that gas was being illegally siphoned from the pipelines in the areas under Russian control downstream of the border point at Sokhranivka.