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Germany triggers emergency supply plan

Close price: Prices moved higher again yesterday, with a sense of growing fear Russian gas supply could be disrupted from this Friday, when Putin has demanded banks and governments to prepare to switch to Roubles for Russian gas, which the G7 nations unanimously rejected.

What happens next is unclear. Will Russia actually turn the taps off if their demands are not met considering the economic lifeline its providing them? Would this breach contract terms? All of this is placing uncertainty in the markets.

Opening price: Prices have again trended upwards all morning, triggered by Germany’s state of emergency plan in anticipation of supply disruption. Half of Germany’s gas comes from Russia, and they are preparing for the worse case scenarios.  

German Economy Minister Robert Habeck said on Wednesday that the “early warning” measure was the first of three stages, but did not yet imply a state intervention to ration gas supplies.

But he did urge Germans to reduce consumption, telling a press conference that “every kilowatt hour counts,” according to Reuters.