Benchmark Dutch front-month gas futures were trading 10% higher on Wednesday, following leaks to the two major gas pipelines from Russia and Europe.
Europe can’t rely on Russia for natural gas — that’s an issue that had already fueled a rally in European benchmark prices for the energy source, but damage to the underwater Nord Stream pipelines from apparent, unexplained explosions is certainly a reminder.
No gas has been flowing through the pipelines to Europe, though reports say that the pipelines do contain natural gas. Barron’s reported that the gas has bubbled to the surface of the Baltic Sea, potentially leading to an environmental disaster. European Union foreign policy chief Josep Borrell also said in a statement that “all available information indicates those leaks are the result of a deliberate act,” according to the Associated Press.
Sabotage? Questions about the leaks and who may have carried out any pipeline attacks remains “unclear as Russia is blaming the West and the West is blaming Russia,” said Richey. “Conspiracy theories about potential sabotage is perplexing, since neither Europe nor Russia stand to gain from the damage to the pipelines,” he said. “Russia could have just shut off the taps, rather than destroy its own assets.”
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