European gas prices hit their highest levels in a year on Thursday after Austrian group OMV warned of a potential disruption to supplies from Russia.
Futures on the European benchmark, TTF, rose as much as 5 per cent to €46 euros per megawatt hour in early trade in Amsterdam before paring some gains.
The surge came after OMV warned late on Wednesday of “potential halt of gas supply” from Russia, after the Viennese energy and chemicals group was awarded €230mn from an arbitration ruling against Gazprom.
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