European gas prices rose sharply on Tuesday

European gas prices rose sharply on Tuesday. The US is considering further sanctions against Moscow and the Nord Stream 2 gas pipeline project if Russia invades Ukraine. The United States will press Germany to stop the Nord Stream 2 gas pipeline project if Russia invades Ukraine, Bloomberg said. The reference European gas supply contract jumped by as much as 7.9% on the Amsterdam Stock Exchange next month. It concluded the contract with a plus of 6.6% to 95.88 euros per megawatt-hour (MWh). The equivalent British gas contract has risen in price by 6%. Increased geopolitical tensions have added to existing concerns about Russian supplies, which have been low in recent months, making Europe's gas reserves unusually low for this time of year. "EU consumers will not breathe for a moment," commented Saxo Bank chief commodity strategist Ole Hansen. He added that the market was affected by increased geopolitical tensions and potential sanctions against Russia. Prices are also supported by the cold weather in Western Europe as well as the low temperatures in Russia. European gas prices have more than tripled this year. The main reason was weak supplies from Russia, which caused European gas reserves to be the lowest for more than ten years for this part of the year. Moscow has repeatedly stated that it can supply more gas after the launch of the controversial Nord Stream 2 pipeline, according to some European politicians. The pipeline cannot start operating without its certification by the Bundesnetzagentur (BNetzA), which halted the process in mid-November. If Berlin intervened against the Nord Stream 2 gas pipeline, which is already completed but has not yet been approved, it would pose a serious threat to the project. According to a source from the European secret services, a possible Russian invasion of Ukraine would meet the conditions for sanctions against the pipeline required by the July agreement between Washington and Berlin. The source added that the geopolitical concerns behind the agreement are now real.