Monday, 29 November 2021 03:51 GMT

Increase seen in gas prices in Europe on reports of no additional transit over Ukraine

(MENAFN) On Monday, Sep. 20 Europe’s gas prices exceeded USD900 per 1,000 cubic meters, after news regarding Gazprom’s decision not to book extra capacities for gas transit over Ukrainian territory.

The cost of October futures on London’s ICE surged to USD908 per 1,000 cubic meters after decreasing under USD800 on Friday.

The rally comes after Russian energy giant Gazprom’s conclusion not to book further capacity for the transit of natural gas over Ukraine for October. The Ukrainian gas transportation operator provided transit capacities reaching 15 million cubic meters a day for October at an auction on Monday. However, based on the auction results, they stayed unclaimed, TASS reports. This month, Gazprom reserved only 4.3 percent of the suggested capacity.

The gas market rally slipped later during the day, nonetheless, with the TTF hub in the Netherlands trading USD881 per 1,000 cubic meters from 11am GMT.

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