European gas prices fall after Russian attack response

European natural gas prices fell after an early surge caused by an attack on a pumping station in Russia. The prices dropped 0.6% on Friday, after initially rising by 6.2%. The attack occurred at the Sudzha gas metering station, which used to send gas to Europe. Russia and Ukraine are blaming each other for the incident. Traders are closely monitoring the situation, as any damage could delay the return of Russian gas supplies, which are already hampered by ongoing conflict. Prior to this year, Russia was still exporting gas through Ukraine. Some European countries hoped those supplies would resume, but issues extend beyond just infrastructure repairs. Europe plans to reduce its reliance on Russian energy in the coming years. Experts say it could take anywhere from weeks to several years to fix the situation, depending on the damage and the political climate. Gazprom, the Russian company that controlled the attacked site, did not comment on the incident, while Ukraine's operator also remained silent. Currently, Europe is relying heavily on costly liquefied natural gas as it faces low gas reserves after a cold winter. Prices for gas in Amsterdam settled at €42.61 per megawatt-hour.