Europe's Natural Gas Prices Jump on Uncertainty Over Russian Supply

Europe’s benchmark natural gas prices jumped by 3% on Wednesday morning after German energy giant Uniper terminated its Russian gas supply contracts, leaving the market concerned about the remaining flows of gas from Russia to Europe. Uniper said today it had decided to terminate its long-term Russian gas supply contracts and thus legally ended the long-term gas supply relationship with the Russian state-owned company Gazprom Export.

” Germany had to nationalize Uniper in 2022 to avoid its collapse amid soaring gas prices and a lack of Russian supply in the wake of the Ukraine invasion and the EU sanction barrage. The total bill for the nationalization came in at $53 billion.

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