The exchange price of gas at the opening of trading on ICE Futures exceeded $1100 per thousand cubic meters. At the beginning of trading, the cost of July futures at the TTF hub in the Netherlands rose by 8% to €104.8 per 1 MWh, or about $1153 per thousand cubic meters, taking into account the current exchange rate, according to the data of the ICE exchange. The level of $1100 per thousand cubic meters exchange prices for gas in Europe exceeded for the first time since May 13th

By 10:15 MSC the cost of European gas has corrected to $102 per 1 MWh (+5.1%), or $1122 per thousand cubic meters at the current exchange rate.

The cost of gas is rising against the background of Gazprom’s announcement about the reduction of supplies through the Nord Stream pipeline due to restrictions at the Portovaya compressor station. Due to the delayed return of gas pumping units from repair by Siemens, only three gas pumping units can be used at the compressor station. Because of this, gas supplies to the Nord Stream gas pipeline decreased to 100 million cubic meters per day against the planned volume of 167 million cubic meters per day.

An additional factor in the growth of gas prices was the fear of a shortage of LNG supplies to Europe amid the announcement of the American company Freeport LNG, which provides about 20% of LNG production in the U.S., about the extension of repair terms after the explosion at its plant, RBC writes. The company said it would take at least three months to even partially resume operations at its Gulf Coast export facility after last week’s explosion. The facility is not expected to return to full operation until the end of 2022 at the earliest. Freeport previously said it planned to shut down production for just three weeks.