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EU gas, power jump as higher Russian flows fail to materialize

European gas and power prices surged on signs Russia won't deliver the boost in supplies President Vladimir Putin promised. At least not on Monday.

Moscow has repeatedly said it can supply more of the fuel to Europe via its controversial Nord Stream 2 link, and has been putting pressure on the continent to approve flows through the 745-mile (1,200-kilometer) pipeline. Foto: Maxim Shemetov/Reuters/Ritzau Scanpix

Benchmark gas futures traded in the Netherlands surged as much as 9.7% as orders via a key Russian pipeline signaled shipments will remain well below normal on Monday. To make matters worse, gas was flowing eastward from Germany to Poland early in the morning, the reverse of the normal direction. Power contracts were also up, with concerns there won't be enough fuel to feed thermal plants in winter.

Europe's biggest supplier of the fuel had promised to send more gas to the region starting Monday, with Putin ordering Gazprom to fill its European storage sites following the completion of Russia's domestic stockpiling campaign. Instead, the company said it won't sell any spot fuel via its sales platform this week and there was also no extra capacity booked to send more supplies to Europe on Monday in auctions over the weekend...

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