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Gas in Europe has risen in price by 30% due to the situation with Nord Stream

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06 September 2022

The spot price of gas in Europe is growing by 30%, to almost $2,900/ths. Cube m due to the ongoing shutdown of Nord Stream, Interfax reports today.

 The price of the nearest (October) futures on TTF on the ICE Futures exchange rose to $2,855 per thousand cubic meters since the beginning of trading on Monday, while trading closed on Friday at $2,213.

 The Nord Stream gas pipeline failed to operate after maintenance. Oil leaks have been identified in Siemens engines, and this fault can only be repaired by a factory repair. Repair of Siemens engines is possible only at a plant in Montreal, and Canada has imposed sanctions on Gazprom.

 “Today, Siemens has practically no opportunity to provide regular overhauls of our gas pumping units. Siemens simply has nowhere to carry out these works,” Alexei Miller, Chairman of the Board of Gazprom, said.