The price of gas in Europe fell to around $2,400 per 1,000 cubic meters, according to London’s ICE, Trend reports with reference to TASS.
The price of September futures at the TTF hub in the Netherlands fell to $2,405 per 1,000 cubic meters or 276 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are shown in euros per MWh).
Last week, the spot gas price in Europe surpassed $3,000 per 1,000 cubic meters for the first time since the beginning of March, in anticipation of the suspension of supplies via Nord Stream for three days from August 31 due to repairs of the only gas compressor unit remaining in operation.
In turn, Gazprom did not rule out that gas prices in Europe in winter could rise above the record-breaking $4,000 per 1,000 cubic meters.
Experts interviewed by TASS believe that gas prices could rise to a record-breaking $5,000 per 1,000 cubic meters in winter due to possible cold weather and a reduction in stocks in storage facilities. In their opinion, there is no reasonable limit for spot prices in the market at the moment.
Gazprom reported earlier that over 7.5 months of 2022, it reduced gas exports to non-CIS countries by 36.2% to 78.5 bln cubic meters.
Since July 27, the Nord Stream gas pipeline has been used at 20% of its maximum capacity due to the shutdown of several gas turbines. One of them, made in Canada by Siemens Energy, was sent to Montreal for repairs. Due to Ottawa's sanctions against Moscow, the manufacturer initially refused to return the repaired equipment to Germany, but after numerous requests from Germany, it was decided to return the turbine. On August 31, Gazprom announced that the supply of Russian gas through the Nord Stream gas pipeline has been completely stopped, as repairs are starting at the only remaining gas pumping unit at the Portovaya compressor station.