Natural gas prices in Europe rise 60 percent in two weeks

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Gas prices in Europe fell by more than 10 percent

The megawatt-hour price of natural gas in Europe, which traded at 79.40 euros on June 8, rose 60 percent yesterday to 127.17

Gas prices in Europe fell by more than 10 percent

The July gas contract price traded on TTF, the Netherlands-based virtual natural gas trading venue with the highest depth in Europe, started the day yesterday at 124.60 euros per megawatt-hour.

The price per megawatt-hour of natural gas, which was traded at 79.40 euros on June 8 in Europe, has seen the lowest closing level in the last 4 months since the start of the Russia-Ukraine war. Thus, the megawatt-hour price of natural gas, which rose to 127.17 euros yesterday, increased by 60 percent in two weeks.

The price per megawatt of natural gas closed the day on June 16 at 124.36 euros, the highest closing level since March 31.

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The increase in natural gas prices was driven by the decrease in the amount of natural gas sent by Russia to Europe and the closure of the Freeport LNG terminal in the US state of Texas due to fire.

Russia reduces deliveries via Nord Stream

Russian energy company Gazprom announced on June 14 that gas deliveries to Europe via the Nord Stream line were reduced from 167 million cubic meters to 100 million cubic meters. Gazprom also announced that as of June 16, up to 67 million cubic meters of natural gas could be supplied daily through the line.

In a previous statement from the company, it was stated that shipments via Yamal-Europe were halted and shipments via Ukraine were reduced by about half.

Gazprom supplies gas to Europe via Nord Stream, the Yamal-Europe pipeline and pipelines in Ukraine.

The Russian company had previously halted gas deliveries to Poland, Bulgaria, Denmark, Finland and the Netherlands for refusing to pay in rubles.

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Another event that affected the global natural gas markets was the announcement that the facility would be closed for at least 3 weeks due to the fire that broke out at the Freeport LNG terminal in the US state of Texas on June 9. In a later statement, it was reported that the facility could not be opened before the end of the year.

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