EU gas and power prices jump as higher Russian flows fail to materialize

European gas and power prices surged on signs Russia won’t deliver the boost in supplies President Vladimir Putin promised. At least not on Monday.

Benchmark gas futures traded in the Netherlands surged as much as 9.7% as orders via a key Russian pipeline signaled shipments will remain well below normal on Monday. To make matters worse, gas was flowing eastward from Germany to Poland early in the morning, the reverse of the normal direction. Power contracts were also up, with concerns there won’t be enough fuel to feed thermal plants in winter.

Europe’s biggest supplier of the fuel had promised to send