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Gas price in Europe up 11% after pumping to Germany via Yamal-Europe pipeline halted

The price of gas futures for December delivery at the TTF hub in the Netherlands went up to almost $861 per 1,000 cubic meters

MOSCOW, November 1. /TASS/. The gas price in Europe gained 11% during Monday trading after direct gas pumping to Germany via the Yamal-Europe pipeline was halted and reverse flows started on Saturday, according to ICE exchange data.

The price of gas futures for December delivery at the TTF hub in the Netherlands went up to almost $861 per 1,000 cubic meters, or 72 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh) as trading opened. The total price increase surpassed 11%.

Gas pumping to Europe through the Yamal-Europe pipeline was halted on Saturday morning. Particularly, gas pumping decreased dramatically from 09:00 to 10:00 am Moscow time, and came to a halt from 10:00 to 11:00 am Moscow time. After that gas reverse flows started via the pipeline. Early on Monday reverse gas supplies from Germany through Yamal-Europe soared 3.6-fold compared with the previous day.

On Friday, October 29, the gas price in Europe slipped below $800 per 1,000 cubic meters for the first time since September 17.

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