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The exchange price of gas in Europe approached $ 2200

Gas price in Europe reached $ 2,194 per thousand cubic meters for the first time

The spot gas price has set another historic record. Today, for the first time, it exceeded $ 2 thousand per thousand cubic meters.

The price of gas in Europe on the ICE exchange exceeded $ 2,200 per 1,000 cubic meters. m. At 18:11 Moscow time, the cost of the January futures on the TTF hub in the Netherlands reached $ 2194, but dropped and as of 19:16 amounted to approximately $ 2116 per 1,000 cubic meters. 

The exchange price of gas in Europe approached $ 2200

In the afternoon of December 21, the cost of gas futures in Europe for the first time in history exceeded $ 2 thousand per 1,000 cubic meters. m. During the day, the price increased by more than 20%.

The previous record of $ 1.9 thousand was set in early October.

Dmitry Marinchenko, Senior Director of the Fitch Group for Natural Resources and Commodities, explained that another price increase was caused by a reduction in pumping through the Yamal-Europe gas pipeline, information that the commissioning of Nord Stream 2 is not expected earlier than the second half of 2022, and news about a possible cold snap in Europe.

On the morning of December 21, the physical flow of gas through the Yamal-Europe gas pipeline to Germany was suspended because Gazprom did not book the pumping capacity for that day the day before, TASS reported with reference to the German operator Gascade. Later, Reuters, also referring to Gascade, wrote that the pipeline began to reverse deliveries from Germany to Poland.

The volume of supplies in the western direction began to decline from December 18, so prices reached their limit values, the agency said. Press Secretary of the Russian President Dmitry Peskov said that this is a commercial situation, which is not related to the filling of the second string of Nord Stream 2 ( started on December 17).

The press service of "Gazprom" told RBC that the company is delivering "according to the requests of consumers in full compliance with the current contractual obligations."

Prices in Europe have been rising for several months. Against this backdrop, EU High Representative for Foreign and Security Policy Josep Borrell said that Russia is trying to put pressure on Europe in order to achieve Nord Stream 2 certification. But I had to notice that Russia is fulfilling its supply obligations. Moscow has repeatedly stated that the gas pipeline project is commercial and has nothing to do with politics.

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