Gas prices in Europe fell to $2,450

MOSCOW, August 31 – PRIME. Exchange prices for gas in Europe are losing 12%, falling below $2,450 per thousand cubic meters, according to the London ICE exchange.

The nearest – October – futures (according to the index of the largest European hub TTF) opened trading at $2,792.6 per thousand cubic meters (+1.8%). As of 15.50 Moscow time, futures are trading at $2,417 per thousand cubic meters (-11.9%). The dynamics of quotations is based on the settlement price of the previous day – $2,743.5 per thousand cubic meters.

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.

The latest increase in prices on European gas markets was due to uncertainty about gas supplies. On August 19, Gazprom announced that Nord Stream would stop for three days, from August 31 to September 2, due to scheduled maintenance of the only working gas pumping unit at the Portovaya compressor station.

Futures contracts for gas supply in September (under TTF) jumped almost 8% after this news, above $2,700 per thousand cubic meters, and then exceeded $3,500 for the first time since March.

Gazprom confirmed earlier on Wednesday that the supply via Nord Stream had been terminated, and scheduled work on the gas compressor unit was beginning.