Gas price in Europe above $1,100 per 1,000 cubic meters

TASS Russian News Agency | May 12, 2022 at 10:37 AM

MOSCOW, May 12. /TASS/. The price of gas in Europe rose above $1,100 per 1,000 cubic meters again during Thursday trading, according to data provided by London's ICE.

The price of gas futures for June delivery at the TTF hub in the Netherlands went up to $1,118 per 1,000 cubic meters, or 103 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The total increase in the gas price during the day has surpassed 6%.

On Tuesday, May 10, the Gas Transmission System Operator of Ukraine (GTSOU) said it would shut down transit of gas to Europe via the Sokhranovka station starting May 11 due to force majeure as the company could allegedly not control the Novopskov gas compressor station in the Lugansk Region. As a result, transportation nominations would be rejected, with gas not to be accepted.

Moreover, the Russian government approved on Wednesday a list of legal entities, which are subject to retaliatory sanctions. The list contains 21 organizations from Germany, France and other European countries, as well as Singapore and the United States. Among them are particularly former European subsidiaries of Gazprom, traders, operators of underground gas storage facilities, as well as a joint venture of Gazprom and the Polish PGNiG, which owns the Polish section of the Yamal-Europe gas pipeline.