Gas Prices Reach New Record in Europe with 3.36% Increase

Gas prices in Europe set a record on Friday, following a fire at the Gazprom plant in the Yamalo-Nenets Autonomous Okrug the day before. In the Netherlands, the price of September futures on the TTF exceeded $540 per thousand cubic meters, according to ICE data reported by TASS.

At this moment, gas prices have risen by 3.36% compared to Thursday's closing price. The day before, a fire broke out at the Gazprom facility in the Yamalo-Nenets Autonomous Okrug, which was localized and resulted in no casualties. Operations at the site have been suspended.

The plant is owned by Gazprom Processing LLC and is a key producer of high-quality hydrocarbon processing products in the Yamalo-Nenets Autonomous Okrug. Following the incident at the plant, the gas flow through the Yamal-Europe pipeline was reduced by more than half the previous evening; however, it has since been restored partially.