On Monday, gas prices were at their lowest level in three months.
But then things turned around after leaks were discovered in Nord Stream 2 on Monday evening.
Pressure drops are also reported in Nord Stream 1, something that only adds to the uncertainty around gas deliveries even more, according to Jörgen Kennemar, commodity analyst at Swedbank.
- At the same time, Europe has built up quite large gas stocks when they try to distance themselves from Russian gas as quickly as possible.
It is something that can hold back and limit the rise in gas prices and thus hold back electricity prices in Europe, he says.
Currently, gas deliveries are not taking place through Nord Stream 1, when the stoppage of gas deliveries through the pipeline was extended indefinitely at the beginning of the month.
On the other hand, there are gas deliveries to some extent through Nord Stream 2, but not in the same volumes as before, according to Jörgen Kennemar.
Psychological effect
The immediate price rise may primarily be a psychological effect, when Europe currently receives gas to a large extent from elsewhere, such as from Norway and the USA.
- Events like this usually lead to such immediate price movements and then it usually calms down once you see how serious it is.
But it is a very nasty development, says Jörgen Kennemar.
On Tuesday morning, the Danish energy authority, the Swedish Energy Agency, ordered Energinet, which is responsible for the operation of the Danish electricity and gas system, to raise the preparedness level for the electricity and gas sector in the country, writes Ritzau.