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The price of gas in Europe exceeded $2,200 per 1,000 cubic meters

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28 July 2022

The spot price of gas in Europe by Tuesday evening exceeded $2,200/ths.m3 in anticipation of the failure of another gas pumping unit on the Nord Stream, Interfax reports.

 The cost of the nearest (August) TTF futures on the ICE Futures exchange rose to $2244 on Tuesday evening.

 A day earlier, trading closed at $1,852, and since the beginning of the month, the quotes averaged $1,720.

 Gazprom reported that due to the end of the time between overhauls before overhaul, the concern is stopping the operation of another Siemens gas turbine engine at the Portovaya compressor station (CS).

 As a result, the daily output of the Portovaya CS from 07:00 Moscow time on July 27 will be up to 33 million cubic meters. m per day compared to the current 67 million cubic meters. m per day (40% of productivity).

 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.