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23 Jun, 2022 14:23

European gas prices soaring

Russian supply concerns are pushing energy costs higher
European gas prices soaring

Prices for natural gas in Europe have continued to climb amid Russian gas flow disruption via the key Nord Stream pipeline. The prices rose above $1,500 per thousand cubic meters on Thursday for the first time since March.

The price of July futures at the TTF hub in the Netherlands reached $1,504 per thousand cubic meters, after closing at $1,367 the day before.

“Further price climbs could strike suddenly in case of any new developments surrounding Russian gas deliveries,” Energi Danmark analysts said in a note seen by Bloomberg.

The European gas market is currently experiencing a severe shortage of imported energy supplies. Shipments by Russia’s Gazprom through the Nord Stream pipeline have fallen to about 40% of capacity because of parts shortages due to sanctions. The situation prompted EU countries to announce emergency measures this week aimed at reducing the use of natural gas.

The reduced deliveries come at a time when Europe is racing to stock up for winter, with gas storages on the continent currently standing at 55%, according to data.

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