For The First Time Since Early March, Gas Price In Europe Exceeds $3,000 Per 1,000 Cubic Meters

The price of gas in Europe surged above $3,000 per 1,000 cubic meters during Monday trading for the first time since March 8, extending gains amid reports on suspension of supplies via Nord Stream for three days starting August 31 due to the repair of gas compressor unit, according to data provided by London’s ICE.

The price of gas futures for September delivery at the TTF hub in the Netherlands went up to $3,024 per 1,000 cubic meters, or 292.4 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The increase in the gas price since the beginning of trading almost totals 20%.

Meanwhile, the price of gas futures for December delivery has approached $3,100.

The Nord Stream gas pipeline, which supplies gas from Russia to Europe, has been used at about 20% of its maximum capacity since July 27 due to the shutdown of two gas turbines. One of them, built in Canada by Siemens Energy, was sent to Montreal for repairs. Due to Ottawa’s sanctions against Russia, the manufacturer initially refused to return the repaired turbine to Germany, but after numerous requests from Berlin, the company decided to do it. On July 25, Gazprom announced the forced shutdown of another gas turbine engine at the Portovaya compressor station. Consequently, only one turbine remains in working condition now.