26 Jul 2022 12:32

European gas prices top $2,000/1,000 cubic meters on expectation another Nord Stream 1 engine to stop operation

MOSCOW. July 26 (Interfax) - The spot price of gas in Europe has topped $2,000/1,000 cubic meter on expectations that another gas compressor unit at Nord Stream will go out of service.

The price of the nearest (August) TTF futures on the ICE Futures exchange rose to $2,010 on Tuesday.

On the previous day, trading closed at $1,852, while the average price since the beginning of the month stands at $1,713.

Gazprom said on Monday that it was shutting down another Siemens gas turbine engine at the Portovaya compressor station as it was reaching the end of its operating period before overhaul (in accordance with Rostekhnadzor regulations and taking into account the technical condition of the engine).

As a result, the daily capacity of the Portovaya station from 07:00 Moscow time on July 27 will be up to 33 million cubic meters per day compared to the current 67 million cubic meters per day (40% of the capacity).