Futures contracts for gas supply in August fell by 3.6% in the last minutes of trading. Now they are at $2,087.
The cost of gas jumped sharply on Monday after Gazprom announced a plan to reduce supplies via Nord Stream, the key gas pipeline from Russia to Europe, on July 27 to no more than 33 million cubic meters per day. This is 20% of the design capacity of the line.
The estimated gas price on the European stock exchange in July averaged $1,760 per thousand cubic meters, several times higher than the same period last year. Such persistently high prices have not been seen in the history of gas hubs in Europe since 1996.
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