TTF gas prices in Europe are hitting new records. TTF gas prices for 1-month delivery are rising today to €282/MWH, up nearly €35 from Friday's close.
The price increase is a result of Gazprom's announcement of the unexpected need for maintenance of the Nord Stream I pipeline. Gas deliveries (although now minimal anyway) will be halted from August 31-September 2. Of course, fears have once again been raised that supplies will not be resumed or will be further reduced.
Gas storage facilities in Europe are 75 percent replenished, but it's worth remembering that without steady supplies from Russia, Germany will be in a very bad position, since supplies from that country make up the vast majority. In response, prices for LNG supply to Asia are also rising sharply. Prices in the U.S. are also rising and approaching $10/MMBTU.
Source: Bloomberg
The price of gas is setting new records since 2008 and is approaching $10/MMBTU. Source: xStation5
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