Gas Prices in Europe Exceed $1450

Gas prices in Europe have risen by 15 percent, according to data from the London ICE exchange. At the start of the auction on June 16, prices exceeded $1,450 per thousand cubic meters, the highest since April 2022, as reported by international news outlets.

July futures, based on the European benchmark TTF hub index, opened Thursday's auction at $1,334.9, which is 6.2 percent higher than the calculated price of $1,256.5 on Tuesday. The maximum price in the bids reached $1,451.7 per thousand cubic meters.

Gazprom is reducing gas supplies to Europe via the 'Nord Stream' due to equipment-related issues, with reductions falling from 167 million cubic meters daily to 67 million. The supply cut is attributed to difficulties in delivering a turbine from Canada to Germany for repairs. The turbine is considered dual-use technology and cannot be exported due to sanctions.

On June 15, Gazprom halted the operation of another turbine at the 'Portovaya' compressor station, which supplies gas to the 'Nord Stream'. According to Germany, the reduction in gas supplies is not due to technical issues but is politically motivated.