TTF surges amid Russian supply uncertainty

The December gas delivery contract at the Dutch TTF hub is up more than 9% versus the previous session, amid ongoing uncertainty about the outlook for Russian gas supply. 

The contract is currently trading at €80.9 ($93.6)/MWh, up 9.2% on yesterday's level.

Gazprom CEO Alexei Miller said in late October that the Russian supplier would start pumping extra gas to Europe after November 8, once it had finished stockpiling gas domestically ahead of winter. But so far there is no indication of Gazprom ramping up supply.

The Yamal-Europe gas pipeline, one of the main routes for Russian gas deliveries to Europe, has been flowing in reverse, eastbound, since November 6, according to data published by transmission operator Gascade. The pipeline was flowing in reverse in late October as well.