Gas prices in Europe surged past 80 euros a megawatt-hour in the second week of November, as gas orders via a key Russian pipeline indicated flows will remain below normal in spite of Russian President Vladimir Putin’s promises to send more gas to the region starting November 8th. Furthermore, a pipeline capacity auction held on Sunday showed no increase in supplies from Russia to Europe. Meanwhile, gas shipments entering Germany’s Mallnow remained reduced while gas flows to Poland were increasing, depleting stocks in Germany. Elsewhere, a damaged pipeline in Bulgaria and the end of a 25-year transit deal between Spain and Algeria added further pressure. Natural gas prices hit an all-time high of 162 euros a megawatt-hour on October 5th, and have since declined by about 50% on hopes that supplies will increase with the help of Russia. Historically, EU Natural Gas reached an all time high of 162.13 in October of 2021.