Russia Cuts Gas Flows to Europe by 80 Percent, Adding to Price Volatility

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany on March 8, 2022. Hannibal Hanschke/Reuters

Natural gas prices in Europe stabilized on Friday after a volatile week in which Russia cut gas flows via the Nord Stream 1 pipeline by 80 percent, causing an energy crisis for the bloc ahead of the cold winter season.

Dutch wholesale gas futures, the European benchmark, were at 190.25 euros per megawatt-hour as of July 29.