It has not booked gas export capacity for the Yamal pipeline for Wednesday either. It had not booked capacity for exports via Yamal for Tuesday. Gazprom has been booking extra capacity at auctions for delivery via Ukraine and to Germany via the Yamal route when it sees requests. In November, levels of gas flows and their direction through Yamal had alternated between flowing eastward towards Poland and westward for around a week. German baseload power for 2022 delivery a European benchmark, set a new contract high of 278.50 euros, up nearly 10%. Record gas prices have affected Europe's power markets, already struggling with reduced French nuclear capacity. "Additionally, Gazprom has traditionally shipped around 20% of its supply to Europe through Poland, but these flows have been inconsistent this year and driving up uncertainty about how much gas Europe will actually receive from Russia." "Europe has very little storage buffer this winter and Europe's balance is therefore a lot more dependent on imports than in previous years," James Waddell, head of European gas at Energy Aspects, said. The front-month wholesale Dutch gas price, the European benchmark, rose more than 16% to a record high of 171.40 euros ($193.46) per megawatt hour on Tuesday, and the equivalent British gas contract also hit a new peak at 4.29 pounds ($5.68) per therm. Traders said the reverse flows added to bullish factors for the gas market, such as strong power station demand, with many French nuclear plants closed, and colder weather. "There is absolutely no connection (to Nord Stream 2), this is a purely commercial situation," Kremlin spokesman Dmitry Peskov told a conference call on Tuesday, asked about possible links between Yamal flows and Nord Stream 2.
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