Gas prices in Europe surge amid gas pipeline explosion news

Exchange prices for gas in Europe rose to $1,258 per 1,000 cubic meters, or 114.33 euros per MWh.

This happened in connection with the news about the explosion on the main gas pipeline Urengoy-Pomary-Uzhgorod in Russia, reported from the London Stock Exchange ICE.

The January futures price at the TTF hub in the Netherlands was $1,185.69 per 1,000 cubic meters. At the same time, earlier today - after the decision of the European Union on the introduction of a cap on gas prices - futures traded at $1,148. Thus, the total price increase since the beginning of the day exceeds 5%.

According to the Ministry of Emergency Situations of Chuvashia, flaring on the gas pipeline has now been eliminated.

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Exchange prices for gas in Europe continued the trading week with a decrease and on December 20 morning they fell by almost 6%, to $1,120 per 1,000 cubic meters, Reportinforms referring to the London Stock Exchange ICE.

January futures on the TTF index (the biggest hub in Europe, located in the Netherlands) opened trading in the red at $1,150.2 per 1,000 cubic meters (-3.3%). Then they dropped to $1,122.9 (-5.6%). The dynamics of quotations is based on the settlement price of the previous trading day - $1,189.7 per 1,000 cubic meters.

On December 19, the EU countries agreed to set the maximum exchange price for gas. It will amount to 180 euros per MWh (almost $200 per 1,000 cubic meters at the current exchange rate) and will come into effect on February 15.





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