This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. Since peaking at $10.02 in August 2022, natural gas has traded in a range that has bounced between $2.

Hydrogen projects had been waiting for the rules, which determine what ventures are eligible for incentives under the 2022 Inflation Reduction Act.

The Biden administration loosened some stringent safeguards on a tax credit worth billions of dollars for hydrogen production, after companies argued the rules would stifle domestic manufacturing of the fuel.

The Urengoy-Pomary-Uzhgorod pipeline was built in the Soviet era to carry Siberian gas to European markets. It became the main conduit to Ukraine’s border with Slovakia from Siberia, passing through the town of Sudzha — which is now under the control of Ukrainian military forces — in Russia’s Kursk region.

Russia ceased sending natural gas to Europe through pipelines in Ukraine Wednesday, after Kyiv refused to renew a prewar transit contract with Russia's state-owned Gazprom. The closure of the Soviet-era pipelines effectively ends "decades of Moscow's dominance over Europe's energy markets,