Gas price in Europe up above $1,400 per 1,000 cubic meters

Gas price in Europe up above $1,400 per 1,000 cubic meters

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Gas price in Europe up above $1,400 per 1,000 cubic meters

Gazprom said earlier that it had observed that Russian gas supplies intended for delivery to Moldovan consumers as per the contract with Moldovagaz actually settled in Ukraine.

The price of gas in Europe climbed above $1,400 per thousand cubic meters during Wednesday trading, according to ICE data. The gas price has increased by over 10% in total since the start of trading day.

December futures at the TTF hub in the Netherlands rose to $1,431 per thousand cubic meters, or to 133.8 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

Gazprom said earlier that it had observed that Russian gas supplies intended for delivery to Moldovan consumers as per the contract with Moldovagaz actually settled in Ukraine. If the transit imbalance via Ukraine remains for Moldovan consumers, Gazprom will start reducing gas supplies for transit on November 28 in the volume of daily short supply, the gas producer added.

Moreover, the European Commission (EC) has offered a mechanism of energy market correction suggesting a gas price cap of 275 euro per MWh at the Title Transfer Facility (TTF) hub.