Natural gas prices in Europe started to rise again as Russia’s natural gas transmission via Yamal decreased to almost zero.

Natural gas prices in Europe recorded a rapid increase as Russia reduced its gas transfers even more as we entered the new year. Electricity prices also rose along with natural gas prices.

The price of the Dutch 1-month natural gas contract, the European natural gas indicator, rose more than 15 percent to 95.2 euros per megawatt-hour. The amount of natural gas that Russia transfers via Yamal has decreased since mid-December, reaching almost zero.

Natural gas prices in Europe fell for eight consecutive days as the weather warmed up, making the longest series of declines in the last seven years in the last days of 2021. The European gas benchmark price fell by more than 60 percent to 65 euros on Friday, after climbing as much as 180 euros per megawatt-hour.