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Gas price in Europe exceeds $350 per 1,000 cubic meters

Gas price in Europe exceeds $350 per 1,000 cubic meters

International Desk

MOSCOW - The price of gas in Europe on Monday grew by more than 18% and surpassed $350 per 1,000 cubic meters, according to London's ICE.

The price of July futures at the TTF hub in the Netherlands rose to $357 per 1,000 cubic meters, or 32.08 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).

The work of the Hammerfest LNG plant in northern Norway was suspended on May 31 due to a gas leak. The Hammerfest LNG plant contributes for roughly 5% of Norwegian gas exports, supplying 6.5 bln cubic meters per year on average. The incident caused last week's gas price hike in Europe. According to statistics from the Norwegian gas transmission provider Gassco, the plant will resume operations on June 14.

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