The price of gas in Europe exceeded $2,300/ths. cube m on the reduction of deliveries by SP1

The spot price of gas in Europe on Wednesday morning exceeded $2,300/ths. cube m after the failure of another gas pumping unit on the Nord Stream.

The price of the nearest (August) TTF futures on the ICE Futures exchange increased to $2385 in the morning.

A day earlier, trading closed at $2,118, and since the beginning of the month, the quotes averaged $1,741.

With the beginning of the new gas day, gas pumping through the Nord Stream pipeline decreased to 31 million cubic meters. m on a daily basis with the decommissioning of another gas pumping unit. „Gazprom” stopped it in connection with the end of the time between overhauls before overhaul (in accordance with the instructions of Rostekhnadzor and taking into account the technical condition of the engine).

Analysts at Rystad Energy, a research company, note that with such a level of supplies under SP1, it will be very difficult for the European Union to achieve the target level of gas reserves in UGS facilities of 80% by November 1. In addition, analysts warn that US LNG supplies to Europe will complicate the upcoming hurricane season.

Prices in Asia also reacted to rising prices in Europe – the January (currently the most expensive) futures contract for the JKM LNG index rose to $1,900 per thousand cubic meters. The JKM Platts Index (Japan Korea Marker) reflects the spot market value of cargo shipped to Japan, South Korea, China and Taiwan.

Steve Walker

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