Underlining the importance of Nord Stream 2 to the gas-starved Europe,

a false report that gas has started moving through the new pipeline caused EU gas prices to fall by 10% for two hours yesterday afternoon. After Gascade, the German pipeline company, denied the rumor to Bloomberg, prices returned to  $550/1,000 cubic meters. Russia’s Gazprom is refusing to ease Europe’s gas shortage, evidently calculating that high gas prices will force EU politicians to commission Nord Stream 2.