The Price of Natural Gas Jumped above $3,000 for the First Time since March
According to data from the London Stock Exchange ICE, natural gas prices on the European market crossed the $3,000 mark for 1,000 cubic meters for the first time since the beginning of March.
At the trade open, September futures (as measured by the TTF, Europe's largest hub index) jumped to $2,800, trading at $2,921, and 12 minutes later they hit $3,022.4, adding 19% to the settlement price from the previous trading day ($2538.8).
Natural gas quotes were mainly influenced by Gazprom's announcement that the Nord Stream gas pipeline will be shut down from August 31 to September 2 for planned maintenance of the only working compressor unit at the Portovaya compressor station.
Last year, the European market faced a collapse in gas prices. Experts attribute this to limited supply from major suppliers, low levels of underground storage capacity and high demand for LNG in Asia.
In addition, Russian gas exports have decreased significantly since the start of the war in Ukraine: Nord Stream and the Ukrainian gas transmission system have decreased significantly, and the Yamal-Europe gas pipeline has been completely suspended. Europe is now under constant pressure due to ongoing tensions with Russian exports. The situation is also affected by the heat wave in the region, which reduces the production of electricity from alternative sources.
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