Gas price in Europe exceeds $585 for first time

The price of gas in Europe after the Russian Gazprom’s decision to book only 4 percent of the solid additional transit capacity of the gas transmission system (GTS) of Ukraine has renewed its historical maximum. For the first time, it exceeded $585 per 1,000 cubic meters, Report informs referring to angi.

The cost of September futures on the TTF hub (Netherlands) at the opening of trading on Aug. 16 amounted to almost $550 per 1,000 cubic meters. After the announcement of the auction results, it reached $586.3, having jumped by about 2.5 percent.

Gazprom booked only 4 percent of the proposed volume of solid additional capacities for gas transit through Ukraine for September, while in previous months, it bought them all, according to the data of the Hungarian trading platform RBP. At the same time, in the earlier months - since May - Gazprom bought out the entire proposed volume of 15 million cubic meters per day.

Earlier it was reported that Gazprom limited the sale of gas at daily trading at the St. Petersburg International Commodity Exchange in connection with the accident at the plant in Urengoy.

On the morning of Aug. 11, the physical flow of gas through the Yamal-Europe gas pipeline fell by 1.5 times to the average level of the previous day, according to the German gas transmission operator Gascade.