Gas price in Europe went up to $311/thous. cub. m

The spot price for gas in Europe has slightly lost momentum, but still added more than a percent to the price for the next day, Interfax reports.

In addition to the shortage of LNG and pipeline gas supplies and cool weather, summer scheduled repairs at Norwegian fields were added. In Norway, until the end of June, the Asgard field was shut down for preventive maintenance (provides production of 21 million cubic meters per day), the Karsto field (20 million cubic meters per day) was stopped for 10 days.

The price of gas with delivery on Friday at the TTF hub in the Netherlands rose to $311 per thousand cubic meters, which is the highest value since January 13 (then the European price soared to $ 335 following the boom in quotations in Asia).

Since the beginning of the year, the average price of a day-ahead contract for TTF was $240 per thousand cubic meters. Gazprom's budget for 2021 includes the average price for gas exports to non-CIS countries at $170 per thousand cubic meters.

Cold weather leaves gas workers no resources to pump gas into underground storage facilities for next winter. According to Gas Infrastructure Europe, gas withdrawals from storage facilities increased sharply over the gas day on May 5, almost exceeding a modest injection.

Tags: Gazprom, gas, UGSF, gas production, LNG, heating season, price, field, natural gas, Europe

Read also

The British will be paid to install energy efficient heating systems
Heating season will soon begin in Kyiv, the date has been announced
Regional gas companies continue to increase debt to the GTS Operator