Russia will halt natural gas supplies to Europe for three days at the end of the month via its main pipeline into the region, state energy giant Gazprom said on Friday, piling pressure on the region as it seeks to refuel ahead of winter.
The broader Germany economic impact was highlighted in producer price data on Friday, which in July saw their highest ever increases, both year-on-year and month-on-month, as energy costs skyrocket.
Before Gazprom announced the shutdown, gas prices in Europe remained close to five-month highs, while U.S. gas prices reversed course and were up 1.2% after the news.Germany has made targeted efforts to fill up its storage facilities to prepare for winter with levels standing at 78.19% as of Aug. 17, slightly more than the 75.89% for the European Union as a whole.
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