“Europe’s Gas Prices Jump To Record As Key Pipeline From Russia Halts Flows”
December 21, 2021
“European gas prices jumped to an all-time high on Tuesday after natural gas on a key pipeline from Russia to Germany reversed flow eastward and freezing temperatures took hold in many parts of Europe. The benchmark price for Europe at the Dutch Title Transfer Facility (TTF) surged by 11 percent early on Tuesday to a record 162.78 euros per megawatt-hour.
According to data from German operator Gascade, cited by Reuters, flows of natural gas from Russia on the Yamal-Europe pipeline via Belarus to Poland and Germany have been falling since the start of the weekend, stopped completely on Tuesday, and then reversed direction from Germany east to Poland…”
https://finance.yahoo.com/news/europe-gas-prices-jump-record-150000352.html
Why does this article act like this is a surprise? Germany is the one who cut off the pipe lines. I guess it’s shocking to some people to know if you cut off energy prices across the board will increase. Cheap energy means a strong economy with cheaper products. It’s supply and demand. Everyone needs energy so it’s probably a good idea to have a massive supply.