Russia’s Gazprom significantly reduced gas flows to European consumers this week. WoodMac: unless Europe takes additional supply and demand measures, its storage refill this year is at risk. Benchmark European gas prices soared by more than 50% this week. The risk of a difficult winter of gas rationing for industries and another surge in energy bills for consumers in Europe just became greater as Russia escalated the gas row with the EU by slashing supply to major customers. The significantly lower supply from Russia since last week and the upcoming annual maintenance at Nord Stream that will completely halt deliveries through the pipeline for two weeks in July, leaving Europe scrambling to fill gas storage sites to adequate levels before the winter. It was a race against time to fill storage to 80% even with normal Russian deliveries, but now the race goes further uphill as injections into storage […]