Gas prices soar again due to Russian pipeline maintenance

The European gas price has risen sharply again with the opening of the gas market. At the TTF gas exchange, the gas price rose by just over 30 percent to 277 euros per MWh at the opening, before falling slightly to around 260 euros per MWh. Reason: the Nord Stream 1 gas pipeline between Russia and Europe remains closed longer. That is the main gas connection between Russia and Western Europe.

The gas tap would initially shut down for a few days for maintenance, Gazprom reported last week. At the weekend, Russia reported that an oil leak had been discovered and the closure would take longer.

There are fears that Gazprom will not resume gas supplies via Nord Stream 1 at all. The supply of gas had previously been reduced to 20 percent of the maximum capacity, according to Russia due to technical problems.

European leaders see the shutdown of the Russian gas tap mainly as political pressure. In this way, Russia would like to repay the sanctions imposed on the country for the war in Ukraine.

Last week, the price of gas fell by 40 percent despite the announced closure of Nord Stream 1 for maintenance. On Friday, the gas storage facilities were almost 80 percent full. As a result, the demand for additional gas decreases and the gas price fell to just over 200 euros per MWh.

Before the Russian gas crisis broke out, the gas price was between 5 and 30 euros per MWh.

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