Global natural gas prices continued a steady upward march to start the week, but avoided a drastic swing as the European market appeared to shrug off looming signs that Russian volumes through Ukraine could soon be cut.
Over the weekend, Austrian Chancellor Karl Nehammer disclosed that the country’s largest natural gas provider, OMV Group, would stop receiving volumes under its long-term contract with Russia’s Gazprom PJSC.
In the latest tit-for-tat between the Russian energy company and its former European customers, an international arbitration court recently awarded OMV more than $243 million in damages over undelivered supplies through Germany since 2022.
