Rolling coverage of the latest economic and financial news, on the final trading day of the year

European gas prices are also higher today, with the month-ahead contract up 0.8% at €48.25/MWh.

Reuters reports that Russia’s Gazprom said it will pump a reduced volume of gas to Europe via Ukraine today, the last day before the expiry of a deal that had kept the gas flowing throughout nearly three years of war, adding:

Gazprom said it would send only 37.2 million cubic metres on Tuesday compared to 42.4 mcm on Monday. Flows are expected to fall to zero from the early hours of Jan. 1 after the expiry of the five-year transit agreement.

Its demise marks the almost complete loss of Moscow’s once mighty hold over the European gas market. Ukraine refused to negotiate a new deal because of the war.