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Post: Gas prices in Europe fell below $2,900 per thousand cubic meters

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Central European gas hub in Baumgarten. Archive photo

Foreign exchange gas prices in Europe fell below 2 thousand 900 dollars per thousand cubic meters

MOSCOW, August 22 – RIA Novosti. Currency gas prices in Europe hit $3,050 per thousand cubic meters for the first time since March, then dropped by $200 and are up more than 10% of the settlement price on Friday, according to data from the London Stock Exchange. ICE.

The closest futures started trading at $2,766.5 (+9%). The maximum price so far reaches $3,050.3 (+20.1%) per thousand cubic meters. As of 16:50 Moscow time, prices rose 11.4% to $2,827.55. The dynamics of the bids are given at the previous trading day’s settlement price of $2,538.8.

Gazprom announced on Friday that gas transport via the Nord Stream will be interrupted for three days – from August 31 to September 2, due to the planned maintenance of the only gas pumping unit operating at the Portovaya compressor station. Following this news, futures contracts for gas supply in September (according to Europe’s largest central TTF index) rose almost 8% to over $2,700 per thousand cubic meters on Friday evening.

The European gas market has been experiencing significant fluctuations for over a year. Experts attributed the rise in prices to limited supply from major suppliers, low occupancy of underground storage facilities and high demand for liquefied natural gas in Asia.

In addition, after the start of the military special operation in Ukraine, the export of Russian gas decreased significantly: the supply through Nord Stream and the Ukrainian gas transport system was significantly reduced, and the Yamal-Europe pipeline completely stopped. This caused another rise in prices, and on March 7 gas prices set a historical record – $3,892 per thousand cubic meters.

Now Europe remains under pressure from the ongoing tension with Russia’s exports. This situation is also affected by the heat generated in the region due to the decrease in electricity production from alternative sources.

In a comment to RIA Novosti, Alfa Capital Portfolio Manager Dmitry Skryabin noted that with the start of the autumn-winter season, when the demand for “blue fuel” will increase in Europe and the Asia-Pacific region, foreign currency prices may be renewed. historical maximums.

Source: Ria

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