{"id":60957,"date":"2021-12-14T10:43:44","date_gmt":"2021-12-14T15:43:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60957"},"modified":"2021-12-14T10:43:44","modified_gmt":"2021-12-14T15:43:44","slug":"european-gas-prices-hit-record-high-as-germany-blocks-nord-stream-2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60957","title":{"rendered":"European Gas Prices Hit Record High As Germany Blocks Nord Stream 2"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/commodities\/european-gas-prices-hit-record-high-germany-blocks-nord-stream-2\">European Gas Prices Hit Record High As Germany Blocks Nord Stream 2<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>European gas futures surged to a record high on Tuesday after Germany blocked Russia&#8217;s Nord Stream 2 pipeline from launch because it did not comply with European law.<\/p>\n<p>German foreign minister Annalena Baerbock said all three parties that make up the new government (Social Democrats, Greens, and Free Democrats) agreed that the newly constructed Nord Stream 2 pipeline failed to meet European energy law requirements.<\/p>\n<blockquote><p><em>&#8220;And that means that, as things stand at the moment, this pipeline can&#8217;t be approved because it does not fulfill the requirements of European energy law,&#8221; Baerbock said.<\/em><\/p><\/blockquote>\n<div class=\"Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_placement__1I4yb Advert_align__N0_fw\">\n<aside id=\"in-content-video\" class=\"Advert_verticallySpaced__wnPy3\" data-google-query-id=\"CMS_zLXQ4_QCFQ_Lhwod9T4CSg\">\n<div class=\"ac-widget-placeholder ac-reset\" data-loaded-pid=\"zerohedgecom\" data-loaded-wid=\"0011r00002RYAhn_1419\">\n<div id=\"ac-lre-player-ph-ext-dOV9wNxcrHK9pmuetDSzV6dvkm2TynLP\" class=\"ac-lre-player-ph-ext ac-lre-ph-playlist-hide-scroll-bar ac-lre-carousel-horizontal ac-lre-carousel-legacy\">\n<div id=\"ac-lre-player-ph-dOV9wNxcrHK9pmuetDSzV6dvkm2TynLP\" class=\"ac-lre-player-ph ac-lre-desktop vjs-hide-top-articles\">\n<div class=\"ac-lre-wrapper luminous-theme is-floated-outer-title\">\n<div class=\"ac-player-ph\">\n<div class=\"ac-player-wrapper ac-mobile-landscape ac-floated-player\">\n<div class=\"ac-lre-player vjs-flag-ads vjs-flag-ads-hide-controls\">\n<div id=\"ac-lre-vjs-dOV9wNxcrHK9pmuetDSzV6dvkm2TynLP\" class=\"video-js vjs-default-skin ac-lre-vjs-dOV9wNxcrHK9pmuetDSzV6dvkm2TynLP-dimensions vjs-fluid vjs-controls-enabled vjs-workinghover vjs-v7 vjs-has-started cc-hidden vjs-user-inactive vjs-layout-x-small ac-lre-small-player lx-size-0 vjs-paused\" lang=\"en-us\" tabindex=\"-1\" role=\"region\" aria-label=\"Video Player\">\n<div class=\"trending-articles-container\">\n<div class=\"nav-item-hit-area\" data-index=\"2\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ac-lre-playlist-horizontal ac-lre-element-disabled\">\n<div id=\"ac-lre-ph-playlist-horizontal\" class=\"ac-lre-playlist-text\">\n<div class=\"ac-lre-playlist-rail\">\n<div class=\"ac-lre-playlist-slide\" data-index=\"1\" data-mediaid=\"ifmfe32tobyww4kjhfkwozsfnfzvs3cz\" data-is-click=\"true\" data-title=\"Germany not ruling out sanctions on Nord Stream 2 pipeline over Navalny poisoning\"><\/div>\n<div class=\"ac-lre-playlist-slide\" data-index=\"3\" data-mediaid=\"ifme2nctoztuizdugnwxovdkirqv6usk\" data-is-click=\"true\" data-title=\"OnePlus Nord will get an OLED screen to take on the iPhone SE\"><\/div>\n<div class=\"ac-lre-playlist-slide\" data-index=\"5\" data-mediaid=\"ifmfkrd2ja2ggz2vonghuvl2jzzegrti\" data-is-click=\"true\" data-title=\"Poland fines Gazprom $7.6 bln over Nord Stream\"><\/div>\n<div class=\"ac-lre-playlist-slide\" data-index=\"7\" data-mediaid=\"ifmgirkklbiwsq3dmqzfgttdjnavuzsu\" data-is-click=\"true\" data-title=\"Nord Stream 2: MEPs and US pressure Germany to stop Russia pipeline\">\n<div class=\"ac-lre-playlist-slide-image\">Berlin&#8217;s block of Nord Stream 2 sent European natgas prices to the highest levels ever. Dutch month-ahead gas, the European benchmark, jumped more than 3% to 119.50 euros, surpassing the Oct. 5 high of 117.90 euros.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/Snag_3801eaa7.png?itok=DynYcxyI\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/Snag_3801eaa7.png?itok=DynYcxyI\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/Snag_3801eaa7.png?itok=DynYcxyI\" alt=\"\" width=\"500\" height=\"207\" data-entity-type=\"file\" data-entity-uuid=\"50a22283-c55f-43cd-a2f3-6959e32ffa22\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>And it&#8217;s very specific to Europe as the arbitrage to US natgas has never been wider&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2021-12-14_05-03-26.jpg?itok=sVu8T7su\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2021-12-14_05-03-26.jpg?itok=sVu8T7su\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2021-12-14_05-03-26.jpg?itok=sVu8T7su\" alt=\"\" width=\"500\" height=\"306\" data-entity-type=\"file\" data-entity-uuid=\"4ff4970a-67a1-485f-bf49-b017fcc39d8e\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>While &#8216;record high&#8217; is enough of a problem, for context,<strong>\u00a0this is equivalent to a $232 price for a barrel of crude oil&#8230;\u00a0<\/strong>strongly suggesting the pressure to switch must be building (and with it demand for crude, which could skupper Biden&#8217;s cunning plan to lower US gasoline prices)&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2021-12-14_05-01-47.jpg?itok=xjeP71I4\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2021-12-14_05-01-47.jpg?itok=xjeP71I4\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2021-12-14_05-01-47.jpg?itok=xjeP71I4\" alt=\"\" width=\"500\" height=\"306\" data-entity-type=\"file\" data-entity-uuid=\"5e8058c4-c0ae-4f01-9e5a-75731cf66545\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>Over the last month, a series of setbacks for the new Russian pipeline have been seen. German energy regulators\u00a0<a href=\"https:\/\/www.zerohedge.com\/commodities\/germany-regulators-suspend-nord-stream-2-approval-gas-prices-jump-12\">suspended<\/a>\u00a0Nord Stream 2&#8217;s certification process, and the US has also\u00a0<a href=\"https:\/\/www.zerohedge.com\/commodities\/european-gas-prices-jump-us-announces-nord-stream-2-sanctions\">sanctioned<\/a>\u00a0companies affiliated with the pipeline&#8217;s construction.<\/p>\n<p><em>Baerbock also said\u00a0<\/em>geopolitical uncertainties in Ukraine were &#8220;also a factor&#8221; as Russia has\u00a0<a href=\"https:\/\/www.zerohedge.com\/geopolitical\/russia-preparing-175k-troops-ukraine-offensive-us-intelligence-now-claims\">amassed<\/a>\u00a0more than 100,000 troops on the border. &#8220;The last government discussed with the Americans that if there are further escalations, this pipeline can&#8217;t come online,&#8221; she added.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>European Gas Prices Hit Record High As Germany Blocks Nord Stream 2 European gas futures surged to a record high on Tuesday after Germany blocked Russia&#8217;s Nord Stream 2 pipeline from launch because it did not comply with European law. German foreign minister Annalena Baerbock said all three parties that make up the new government [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[265,281,1614,359,18975,827,4318],"class_list":["post-60957","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-energy-crisis","tag-europe","tag-gas-prices","tag-germany","tag-nord-stream-2","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60957"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60957\/revisions"}],"predecessor-version":[{"id":60958,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60957\/revisions\/60958"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}