Gas Price in Europe Exceeds $2100 per 1000 Cubic Meters

The price of October futures for gas in Europe has reached $2100 per 1000 cubic meters (+21%). This was reported by Kommersant.ru, referencing data from the ICE exchange. The price began to rise sharply around 15:00 Moscow time, coinciding with reports of a "massive gas leak" from Nord Stream.

Later, Gazprom announced that Russian authorities might impose sanctions against Ukrainian Naftogaz, which could also have influenced the rise in prices.

On September 27, Danish authorities reported a "massive gas leak" from the Nord Stream and Nord Stream 2 pipelines. Subsequently, Swedish authorities also reported a leak from the pipeline. According to Nord Stream AG, the damage to all three lines of Nord Stream is unprecedented. According to the German newspaper Tagesspiegel, one of the possible causes of the incident could be a diversion.

Analysts believe that repairs could take several years. On the afternoon of September 26, gas futures for October at the Dutch TTF hub fell by 10%, selling for $1700 per 1000 cubic meters. For the first time since July, as of September 24, the utilization of European underground gas storage facilities has reached 87.4%.