Analysts are sizing up what Russia's move to cut two European Union countries off from its gas flows means for the wider economy and markets.
For now, a cutoff of Russian gas to two European Union countries is manageable, but the situation would shift dramatically stoppages should extended to bigger countries such as Germany, say analysts.
Futures tracking Europe’s wholesale gas price reached a high of €119 per megawatt hour in early trading Wednesday, before paring back to €105.79, a gain of around 4%. The euro EURUSD was under pressure, while European stocks SXXP pulled back from earlier losses, as U.S. equity futures climbed. While “very unlikely,” a full interruption of Russian flows to Germany could drive European gas prices to over €200 /MWh this summer, warned Goldman.
Four European gas buyers have paid for gas supplies in rubles, and other potential cutoffs aren’t likely until the next round of payments are due later in May, Bloomberg reported on Wednesday, citing a source close to Gazprom.
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