European gas and power prices eased after surging to a fresh record on Tuesday as Russia keeps shipments to Europe capped. Russian gas flows into Germany’s Mallnow compressor station remained halted and the key Yamal-Europe pipeline was instead flowing gas eastward to Poland for a second day, according to network operator Gascade. The so-called reverse flows are likely the result of lower requests from buyers in Europe. Still, constrained supplies from Russia mean Europe has to rely on its already depleted storage sites, as nuclear outages in France mean more gas is needed to generate electricity. Inventories in Europe are expected to end the heating season at record-low levels, extending this year’s crunch. The halt to Yamal flows, heavy nuclear outages and colder-than-average weather in northwest Europe “may sustain this rally into year-end,” Goldman Sachs Group Inc. analysts including Samantha Dart said in a report. “We expect that the […]