Russian Gazprom re-refused to book an additional interrupted transit capacity through Ukraine – now for August (63.7 million cubic meters per day), which caused a record increase in gas prices in Europe, reports Kommersant.
According to information, the spot prices for gas on the TTF key hub in the Netherlands, a historical record was established, reaching $ 484 at the peak for 1 thousand cubic meters (€ 39 for 1 MW • H), follows from the data located in Germany European Energy Exchange. Forward prices also rose to the historic maximum: the nearest August futures on TTF increased by 5.3%, to $ 491 per 1 thousand cubic meters (€ 39.6 per 1 MW • h). The cost of distant futures also remains high: December is trading for € 39.2, and January – for € 38,975.
The supply of liquefied natural gas (LNG) to Europe falls, reserves in the storage facilities of the receiving terminals are reduced. From the beginning of July, a 12% (about 1 billion cubic meters) was 12% (about 1 billion cubic meters) of Europe (about 1 billion cubic meters), the decline was more than 22% in annual expression.
All free batch of gas goes to Asia, where demand continues to grow due to heat and growth in electricity requirements for air conditioning. Lidges LNG China, which in July increased the import of gas to a quarter in annual terms, demand is also restored in India.