European natural gas prices surged Tuesday after German regulators delayed certifying the Nord Stream 2 (NS2) pipeline, exacerbating fears that the continent won’t have enough of the fuel this winter. 

“This provides additional pressure to uncertain gas supplies, coupled with the now stereotypical Russian move of not booking additional transit capacity through Ukraine at Monday’s auctions,” said Schneider Electric analyst Daniel Varga.

Prices started the week higher after Gazprom PJSC elected not to book additional capacity into Western Europe for next month. That “elevated” supply uncertainty “into the end of the year,” said analysts at Goldman Sachs Commodities Research.

The German regulator that oversees natural gas suspended the NS2 certification process...