Gas price in Europe surpasses $2,300 first time since March

Economy

MOSCOW, July 27, (ST)- The price of gas in Europe during trading rose above $2,300 per 1,000 cubic meters for the first time since March 8 on Wednesday amid a reduction in pumping through the Nord Stream, according to the data of London’s ICE.

The price of August futures at the TTF hub in the Netherlands rose to $2,307 per 1,000 cubic meters or 220 euro per MWh.

On Monday, Gazprom announced the forced shutdown of another gas turbine engine at the Portovaya compressor station. As a result, from July 27, gas pumping through the Nord Stream will drop by half to 20% or 33 mln cubic meters per day from the current 67 mln cubic meters. Thus, only one turbine will remain in working condition, according to TASS

Raghda Sawas

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