Gas price in Europe exceeds $1860 on suspension of turbine in Nord Stream 1

The spot gas price in Europe exceeded $1,860 per thousand cubic meters on the news about the newly halted turbine in the Nord Stream gas pipeline.

Report informs, citing Interfax, that the price of the nearest (August) TTF futures on the ICE Futures exchange opened on Monday at $1685, and by now the quotes have risen by more than 10%.

Russia's Gazprom said on Monday it was halting another turbine in the Nord Stream 1 pipeline to Germany and that flows of gas would fall to the equivalent of just one fifth of normal capacity.

It said throughput from 0400 GMT on Wednesday would therefore fall to 33 million cubic metres per day. That is just half of the current flows, already at just 40% of normal capacity.