European energy market instability after Russia cuts gas

Governments in Sweden and Finland have offered billions of dollars in guarantees for utilities to stem a downturn in energy trading when markets opened on Monday after Russia shut down gas lines naturally via a major pipeline to Europe.

Traders, analysts and energy executives say natural gas and electricity prices – already high – are likely to rise following state controls Gazprom PJSC extending Nord Stream flow stop at the end of Friday. Moscow blamed the suspension on technical problems.

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