Gas Prices in Europe Exceed $2100 Amid Gazprom Announcements

Gas prices at the European ICE market have risen to $2136.16 per thousand cubic meters in light of reduced supplies from Gazprom, writes RTVI.

At the time of publication, Dutch TTF hub's August futures for gas delivery are priced at €200 per megawatt hour, equating to $2136.16 per thousand cubic meters. Over the previous day, the rise had reached 13.6 percent.

The sharp increase in prices has occurred following Gazprom's announcements regarding planned reductions in gas supplies to Europe through the Nord Stream pipeline, due to the need for turbine engine repairs. It is expected that the pipeline's capacity will be reduced to 33 million cubic meters per day, compared to the baseline of 167 million cubic meters.