European Natural Gas Price Exceeds $400 Per Thousand Cubic Meters

BUSINESS TURKMENISTAN
European Natural Gas Price Exceeds $400 Per Thousand Cubic Meters
July futures of natural gas in Europe jumped to $414 per thousand cubic meters. (Photo: BP)

The spot price of natural gas in Europe has surpassed the level of $400 per thousand cubic meters, the Russian Interfax news agency reported on Tuesday.

The increase was reportedly due to scheduled repairs on Gazprom's main export pipelines in July.

July futures of natural gas on ICE Futures, according to the TTF index, on Monday closed at $398 and opened on Tuesday trading at $401.

By the time the auction ended, the July futures rose to $409, and following the release of the results, the prices jumped to $414 per thousand cubic meters.

Nord Stream gas pipeline is scheduled for annual maintenance from July 13 to July 23 and Yamal-Europe pipeline is scheduled for maintenance from July 6 to July 10.