UNL - Russia's Gazprom to cut Nord Stream gas flow to Europe to 20%

European gas futures surge by more than 10% after Russia said on Monday it would halt another turbine on the Nord Stream 1 pipeline to Germany, cutting gas flows by half from already reduced rates of just 40% of capacity.

Gazprom ( OTCPK:OGZPY ) said the pipeline will pumping 33M cm/day, or 20% of capacity, starting Wednesday.

The statement pushed benchmark European gas prices - which already have more than doubled so far this year - up as much as 10% to 176/MWh, equivalent to ~$180.

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The European Union proposed a plan last week for member states to cut gas usage by 15% until March , but some governments demanding more flexibility are forcing the EU to consider revising the plan .

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