Russia’s invasion of Ukraine has caused natural gas prices to skyrocket in Europe. The megawatt-hour price of natural gas, which traded at 94.01 euros yesterday, increased by 13.5 percent to 106.71 euros.
The sanctions taken against Moscow due to the ongoing war and war between Russia and Ukraine have deepened the natural gas crisis in Europe.
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The June futures contract price, traded on TTF, the Netherlands-based virtual natural gas trading point with the highest depth in Europe, opened today at 100 euros per megawatt hour.
Prices rose 13.5 percent from the close at 10:28 a.m. Turkish time to 106.71 euros per megawatt-hour.
GAS SUPPLY FROM UKRAINE CUT OFF
The increase in natural gas prices was influenced by Ukraine’s announcement that the flow of Russian gas from the Sohranovka gas distribution point was stopped.
Ukraine’s state-owned grid operator said it was also blocking gas transportation through the border compressor station Novopskov, where almost a third of the gas is transported from Russia to Europe.
Sohranovka and Novopskov are located in the Russian-occupied territories of Ukraine.
GAZPROM REDUCED THE QUANTITY
In addition, the rise in prices was also influenced by the Russian energy company Gazprom’s report yesterday that the amount of natural gas to be sent to Europe via Ukraine decreased by 25 percent compared to the previous day.
On May 11, Gazprom reported shipments of 72 million cubic meters of natural gas through Ukraine.
