European gas prices continued to rise their highest level si...| MENAFN.COM

Wednesday, 17 August 2022 07:20 GMT

European gas prices continued to rise their highest level since March


(MENAFN) European natural gas prices rose to a three-month high on Thursday, owing to ongoing concerns about Russian supply and EU efforts to fill storage facilities before the heating season begins.

According to statistics from London's Intercontinental Exchange, August futures on the TTF trading center in the Netherlands increased by 6.4 percent, hitting $1,630 per thousand cubic meters, or €149.15 (USD155.05) per megawatt-hour in residential terms. It was the first time the natural gas price has risen beyond that mark since March 10.

On June 14, Russian gas supplier Gazprom cut supply to Germany via the Nord Stream pipeline by 60 percent, blaming technical concerns caused by Western sanctions against Ukraine. Following the decision, German Vice-Chancellor Robert Habek called for a decrease in the country's gas use, while many other EU countries declared steps to assist them consume less gas, including the restart of coal power plants.

Meanwhile, Nord Stream AG, the pipeline's operator, has scheduled standard yearly maintenance from July 11 to July 21, which will result in a temporary shutdown of the pipeline.

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