Gas prices in Europe hit year's highest level
Gas prices in Europe reached the highest level for 2024 at the beginning of Thursday's trading session following Ukraine's shelling of the Russian border town of Sudzha in Russia's Kursk Region.
MEHR: Gas prices in Europe reached the highest level for 2024 at the beginning of Thursday's trading session following Ukraine's shelling of the Russian border town of Sudzha in Russia's Kursk Region.
On Tuesday, Sudzha was subjected to repeated massive shelling by Ukraine. On Wednesday, the head of the settlement described the situation in the town as "very tense." The supply route via the Sudzha gas metering station is currently the only one for Russian gas transit through Ukraine to Europe, Sputnik reported.
September futures on the TTF index — Europe's largest hub — opened at $439.3 (+1.2%) per 1,000 cubic meters at 6:00 GMT, reaching the maximum figure since December 2023. As of 6:10 their cost decreased to $434.4. The dynamics of quotations are given by the estimated price of the previous trading day — $434.2 per 1,000 cubic meters, which also has become the maximum since December last year.
In May 2022, Ukraine stopped accepting gas for transit through the Sokhranovka station, saying that it was under the control of Russian forces in the Lugansk People's Republic. As a result, the Sudzha station was the only one left for the transit of Russian gas to Europe via Ukraine.
Russian energy giant Gazprom supplied about 15 billion cubic meters a year through this pipeline last year, which accounted for 4.5% of total EU consumption. Slovakia, Hungary, Austria and Italy receive gas through the pipeline.
