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European gas rates increase following Kursk attack
(MENAFN) Natural gas prices in Western Europe surged on Monday following a cross-border raid into Russia’s Kursk Region by Ukrainian forces. Data from the London Intercontinental Exchange (ICE) showed that gas futures for September delivery at the Title Transfer Facility (TTF) hub in the Netherlands rose by approximately 6 percent, reaching USD490 per thousand cubic meters, or EUR42.82 per megawatt-hour for households, before experiencing a slight decline. This price level was last seen in early December.
The spike in gas prices began last week in response to the Ukrainian incursion, which has heightened investor concerns about the potential disruption of Russian gas supplies to the European Union via Ukraine’s transit network. Russian media reports indicate that the clashes have affected key locations such as Sudzha, the last operational gas metering station on the Ukrainian-Russian border.
Sergey Kupriyanov, a spokesman for Gazprom, warned on Friday that the ongoing conflict near Sudzha could drive up natural gas prices. However, he reassured that gas transit through the station was proceeding as per contractual agreements.
Despite European Union sanctions against Russia, which have not targeted pipeline gas supplies directly, several European Union member states—including Poland, Bulgaria, Finland, the Netherlands, and Denmark—have voluntarily ceased their imports of Russian gas. Nevertheless, countries like Austria, Hungary, Slovakia, and Italy continue to receive Russian pipeline gas. Slovakia reported a recent decrease in incoming gas volumes and expressed concerns about the security of Russian gas supplies due to the ongoing conflict.
The spike in gas prices began last week in response to the Ukrainian incursion, which has heightened investor concerns about the potential disruption of Russian gas supplies to the European Union via Ukraine’s transit network. Russian media reports indicate that the clashes have affected key locations such as Sudzha, the last operational gas metering station on the Ukrainian-Russian border.
Sergey Kupriyanov, a spokesman for Gazprom, warned on Friday that the ongoing conflict near Sudzha could drive up natural gas prices. However, he reassured that gas transit through the station was proceeding as per contractual agreements.
Despite European Union sanctions against Russia, which have not targeted pipeline gas supplies directly, several European Union member states—including Poland, Bulgaria, Finland, the Netherlands, and Denmark—have voluntarily ceased their imports of Russian gas. Nevertheless, countries like Austria, Hungary, Slovakia, and Italy continue to receive Russian pipeline gas. Slovakia reported a recent decrease in incoming gas volumes and expressed concerns about the security of Russian gas supplies due to the ongoing conflict.
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