• <a fr-original-style="" href="https://www.reuters.com/world/europe/eu-gas-cap-seen-place-one-year-countries-spar-over-price-level-2022-11-22/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">The European Commission</a> on Tuesday proposed a gas price cap for the EU at €275 per MWh for month-ahead futures on the Dutch exchange that serves as Europe's benchmark, and will remain in effect for one year from Jan. 1 if approved by the bloc’s 27 member countries. The contract currently stands at around €120 per MWh after peaking at above €340 in August.<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">Behind the scenes: Diplomats, speaking to Reuters on condition of anonymity, said the proposed ceiling was likely to disappoint the majority of EU states that have demanded a cap for months, and fail to assuage concerns of a small but powerful camp of member countries, led by Germany, opposed to the intervention.</li><li fr-original-style="" style="box-sizing: border-box;">Meanwhile: Gazprom <a fr-original-style="" href="https://www.bloomberg.com/news/articles/2022-11-22/gazprom-threatens-to-reduce-gas-flows-to-europe-via-ukraine" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">threatened to cut gas flows</a> sent via Ukraine next week, the last remaining pipeline still bringing Russian gas to western Europe. Traders and policymakers have been bracing for flows on that line to be curbed too, and prices rose no more than 5.2% on the news.</li></ul>

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