Gas prices in Europe are flying!

Gas prices in Europe continued to rise today amid a decline in natural gas supplies from Russia via Nord Stream 1 due to obstruction of equipment maintenance work in light of Western sanctions.

And gas futures rose in afternoon trading to $2,500/mcm from $2,350/mcm this morning.

The growth is taking place against the backdrop of fears of a reduction in natural gas supplies from Russia, and the Russian company Gazprom from today, Wednesday, will begin to reduce natural gas supplies to Europe along the Nord Stream 1 route, after another turbine stopped working due to repair works.

Western sanctions imposed on Russia prevent maintenance work on Siemens turbines installed on the Nord Stream 1 gas pipeline (a gas pipeline from Russia to Germany under the Baltic Sea), which leads to a decrease in supply volumes.

Source: RT