Gas prices in Europe again rose above $2,000 per thousand cubic meters

MOSCOW, 28 Sep — PRIME. Exchange prices for gas in Europe at the beginning of trading on Wednesday were above $2,000 per thousand cubic meters, adding more than 10% as much as possible, according to data from the London ICE exchange.

The nearest – October – futures (according to the index of the largest European hub TTF) opened trading at the level of 2047.3 dollars per thousand cubic meters (+10.8%). As of 9:33 Moscow time, their value fell to 2006 dollars (+8.6%). Quotation dynamics are based on the settlement price of the previous trading day – $1,847.3 per thousand cubic meters (+10.7% to Monday’s settlement price).

The growth rate of these quotes did not go beyond 10% the day before, until, after the message of Gazprom, they began to grow sharply, reaching $2,103.5 per thousand cubic meters (+21.9% to Monday’s settlement price).

The company said that it categorically rejects Naftogaz’s claims “on initiated proceedings” in arbitration regarding the transit of Russian gas to Europe, since services not provided by the Ukrainian side should not be paid. Gazprom emphasized that it considers the position of Naftogaz unfriendly and that its preservation could become the basis for sanctions against the Ukrainian company, and this would mean a ban on Gazprom from fulfilling obligations to it, including payment.

Since May 11, Ukraine has stopped receiving gas for transit through the Sokhranovka gas measuring station (GIS), citing the fact that it is under the control of Russian forces (on the territory of the LPR). As a result, there was only one entrance left for gas transit to Europe – GIS “Sudzha”. Gazprom stated that the transfer of all volumes to Sudzha is technologically impossible, the company fulfills all obligations to European consumers, and transit services are fully paid.

But back in early March, gas prices in Europe, due to fears of a ban on the import of Russian energy resources, updated their historical highs for four days in a row. The price record of $3,892 per thousand cubic meters was reached on March 7. And the last explosive growth, at the end of August, was associated with the announcement of Gazprom about the suspension of the Nord Stream gas pipeline for three days for scheduled maintenance. Quotations jumped above 3500 dollars per thousand cubic meters and updated historical records of the settlement price several times.