The risks of shortages drove gas prices higher for a third day. The European Commission this week unveiled radical intervention plan including raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, mandatory curb on peak power demand and boosting liquidity.

Benchmark futures rose as much as 6.9%, a day after closing 4.2% higher. Authorities are designing measures designed to rein in an unprecedented energy crisis that has fueled inflation, hurt industry and left nations on the brink of a recession.

So far, in 2022, spot electricity prices are five to ten times higher than in previous years. On August 22, the daily spot market price for Germany exceeded 600 EUR/MWh, 15 times the average of the 2010s.

Digital transformation in oil and gas is more of a transformation problem than it is a digital one. Many executives are hesitant to invest heavily in digital transformation but continue to be hampered by the cost of poor quality.

U.S. Rig Count is down 1 from last week to 759, Canada Rig Count is down 3 from last week to 205.

Germany doesn’t support a price cap on Russia gas because some countries are still dependent on those supplies, Economy Minister Robert Habeck told reporters in Brussels.

Still, gas and electricity prices pared some of their large gains from earlier in the day as traders weighed the intervention plans.

Benchmark energy futures fell after jumping on Monday, with Dutch front-month gas losing as much as 13% and German year-ahead power falling 11%.

Russian flows of gas via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, remained at zero on Tuesday after Russia scrapped a Saturday deadline to resume flows following maintenance.

Gas prices surged more than 35% on Monday as traders reacted to Russia’s decision to keep its main gas pipeline shut indefinitely.