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Energy crisis goes from bad to worse: Gas prices soar 16pc as Russia keeps taps closed

The Daily Telegraph

UK gas prices for next month surged 16pc on Monday, after Russia opted to cap additional flows to Europe.  

State-owned Gazprom opted not to flow more gas to Europe via Ukraine in October, according to the results of an auction on Monday.

There were also signs that Russian flows via the key Yamal- Europe pipeline will remain limited, with traders booking just a fraction of the capacity offered to flow gas next month into Germany via the Mallnow compressor station.

The cap on additional Russian supplies is leaving Europe starved for the fuel just as it needs to boost buffer inventories before the winter.

UK prices jumped to 188.10p a therm while benchmark European gas prices – traded in the Netherlands – also surged 16pc to 75.33 euros a megawatt-hour.

With just a few weeks to go before the start of the heating season, storage sites are less than 72pc filled – the lowest level for this time of year in more than a decade.

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