European gas prices break the $3,000 mark
Futures prices at the Dutch TTF gas hub have leapt up above $3,000/'000 m3, amid continuing fallout from Gazprom's announcement of unscheduled maintenance at the Nord Stream 1 pipeline at the end of this month.
Gazprom announced at the end of last week that the only working compressor unit at Portovaya compressor station that handles Nord Stream 1's gas flow would be shut down between August 31 and September 2, so that maintenance could be carried out. Once the work is done, the pipeline will resume flow at the current rate of 33mn m3/day – around 20% of its total capacity – "provided that no malfunctions are identified,"
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The front-month gas price at TTF started trading on August 23 at €291/MWh ($3,100)/'000 m3, while the October contract spiked at €295/MWh, and the fourth-quarter contract hit €300/MWh.