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European gas rises further, escalating energy war

Vapour rises from chimneys at the Viru Keemia Grupp AS (VKG) oil shale processing plant in Kohtla-Jarve, Estonia, on June 7, 2022. (Photo: Bloomberg)

Natural gas prices in Europe jumped after Russia stepped up an energy war by cutting supplies through the largest link to the continent to less than half of its usual volumes.

Benchmark futures increased more than 12%, adding to the 44% rise in the previous two sessions. The cuts are rippling through Europe with Engie SA, Uniper SE and OMV AV saying they are getting less supply. Germany has called the reductions through the Nord Stream pipeline “politically motivated” and aimed at unsettling markets, challenging Gazprom PJSC’s statement that the halt was due to technical…

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