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Gas prices are in decline in Europe, amid optimism that the “Drogba” line will work again

Gas prices in Europe fell on Wednesday, with oil futures in decline amid indications that the Druzhba pipeline may be in able to restart pumping.

The pipeline linking Russia to Hungary has come to a halt after damaging the electricity supply it needs, but Hungarian Foreign Minister Peter Szijjarto said Wednesday that flows would likely resume “within a short period,” according to Bloomberg.

Hungarian energy company MOL said a major pipeline carrying Russian oil to Eastern Europe was shut down on Tuesday after a power outage.

He said Russian artillery had shelled a power plant that served the pipeline in Ukraine, citing the Ukrainian pipeline operator. It is unclear how long the line will be idle.

A quick fix would be a bright spot amid fears of a possible escalation of the war, with a missile hitting a Polish village near the Ukrainian border.

Gas prices in Europe fell due to full storage facilities and lower demand, keeping prices in check. Futures fell for the first time in three days.

On the other hand, the European Union put forward its proposals to cap prices ahead of next week’s meeting of energy ministers.

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