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1 Nov, 2021 09:04

European gas price rises on reports of flow reversal via key Russian pipeline from Germany to Poland

European gas price rises on reports of flow reversal via key Russian pipeline from Germany to Poland

The price of natural gas in Europe jumped by 11% on Monday morning after reports of Russian supplies via the Yamal-Europe pipeline reversing course from Germany over the weekend.

The gas ended up in Poland, which often buys reverse gas supplies from Germany in order to avoid the appearance of buying gas directly from Russia.

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Direct pumping via the Yamal-Europe pipeline that passes through the territories of Belarus, Poland and Germany reportedly began to flow in the opposite direction on Saturday morning. According to Polish operator Gaz-System, the commodity continues to flow through Yamal-Europe to Poland from Russia, but subsequent pumping to Germany is currently not happening.

Reverse gas deliveries from Germany via the pipeline on Monday morning jumped 3.6 times to almost 524 thousand cubic meters per hour, compared to 150 thousand cubic meters on Saturday and Sunday, according to European gas transmission operator Gascade.

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Meanwhile, Russia’s major gas exporter Gazprom said that European consumers’ requests for Russian gas supplies are being fulfilled, and “fluctuations in demand for Russian gas depend on the actual needs of buyers.”

The price of December futures on the TTF hub in the Netherlands at the opening of trading rose to almost $861 per 1,000 cubic meters or $83 per megawatt-hour in household terms, trading data shows.

The transnational Yamal-Europe gas pipeline has the capacity to deliver 32.9 billion cubic meters of gas per year.

For more stories on economy & finance visit RT's business section

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