The price of gas in Europe fell below $2,150 per 1,000 cubic
meters on Friday, according to London’s ICE, Trend reports with reference
to TASS.
The price of October futures at the TTF hub in the Netherlands
declined to $2,137 per 1,000 cubic meters or 207 euro per MWh
(based on the current euro/dollar exchange rate, ICE prices are
shown in euros per MWh).
Last week, the spot gas price in Europe surpassed $3,500 per
1,000 cubic meters for the first time since the beginning of March,
in anticipation of the suspension of supplies via Nord Stream for
three days from August 31 due to repairs of the only gas compressor
unit remaining in operation. In turn, Gazprom did not rule out that
gas prices in Europe in winter could rise above the record-breaking
$4,000 per 1,000 cubic meters.
Experts interviewed by TASS believe that gas prices could rise
to a record-breaking $5,000 per 1,000 cubic meters in winter due to
possible cold weather and a reduction in stocks in storage
facilities. In their opinion, there is no reasonable limit for spot
prices in the market at the moment.
Since July 27, the Nord Stream gas pipeline has been used at 20%
of its maximum capacity due to the shutdown of several gas
turbines. One of them, made in Canada by Siemens Energy, was sent
to Montreal for repairs. Due to Ottawa’s sanctions against Moscow,
the manufacturer initially refused to return the repaired equipment
to Germany, but after numerous requests from Germany, it was
decided to return the turbine. On August 31, Gazprom announced that
the supply of Russian gas through the Nord Stream gas pipeline has
been completely stopped, as repairs are starting at the only
remaining gas pumping unit at the Portovaya compressor station.
Discussion about this post