Gas price in Europe exceeds $2,000 per 1,000 cubic meters first time ever-UPDATED

Gas price in Europe exceeds $2,000 per 1,000 cubic meters first time ever-UPDATED
# 21 December 2021 16:34 (UTC +04:00)

Gas prices in Europe surpassed $2,000 per 1,000 cubic meters for the first time ever, according to London’s ICE, APA reports citing TASS.

The price of the January futures on the TTF hub in the Netherlands increased to $2,004 per 1,000 cubic meters, or 172.52 euro per MWh.

On Monday, Gazprom repeatedly did not book capacities for the transit of natural gas through Poland via the Yamal-Europe gas pipeline for December 21. As a result, the physical flow of gas through the Yamal-Europe pipeline to Germany was halted.

Gazprom did not book additional capacity for the transit of natural gas through Ukraine in January either. At an auction on Monday, the company booked 21.6% of the proposed capacity for pumping through Poland through the Yamal-Europe gas pipeline.

Since Friday, the Russian gas producer has been reducing the volume of reservations for gas transit through Yamal-Europe. On Friday, the company did not book capacities at a day-ahead auction, but at an intraday auction, it ordered a pumping volume of 26.8 million cubic meters against 31.4 million cubic meters in the previous days. After that, the gas giant booked 5.2 million cubic meters on Saturday, 4.2 million cubic meters on Sunday and 3.8 million cubic meters on Monday.

***16:26

Prices for gas futures in Europe on Tuesday topped a record $1,937 for 1,000 cubic metres, APA reports.

As of 11:33 GMT, the price of ICE futures on the Dutch index TTF was approaching $1,800 per 1,000 cubic metres. Six minutes later, the price reached $1,953 per 1,000 cubic metres.

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