Spot gas price in Europe increased by 5% in just a day

The spot gas price in Europe has set another record since March 2018 against the backdrop of a new rise in the price of LNG in Asia, as well as the continuing full range of fundamental market problems: low stocks in European storage facilities and declining LNG supplies, Interfax reports.

The price of gas with delivery on Thursday at the TTF hub in the Netherlands increased in just a day by 5% to $484 per thousand cubic meters. Gas prices have begun their active growth since the beginning of the week.

Earlier, the price ranged from $410-440. The expectations of scheduled July repairs on Gazprom's gas pipelines – Nord Stream and Yamal-Europe – were previously catalysts for price growth, but during the planned shutdowns, the price went down and returned to growth after the gas pipelines were restarted.

Since the beginning of the year, a day-ahead contract for TTF has cost an average of $293 per thousand cubic meters. More than 80% of Gazprom's sales to Europe are now carried out according to spot indices of different time bases – from a month in advance to a year in advance.

Tags: Gazprom, gas, Asia, GTS, RF, Gas market, pipeline, price, gas supplies, volumes, natural gas, Europe

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