Gas prices in Europe up to over $460 per 1,000 cubic meters

Natural gas prices in Europe exceeded $460 per 1,000 cubic meters which is the highest level since early December 2023, according to London-based ICE data.

September futures at the TTF hub in the Netherlands went up to $467.6 per thousand cubic meters or 41,405 euro per MWh to the maximum level since December 2023, reports BSS/TASS.

Investors are concerned of the situation with gas transit via Ukraine amid reports on a large-scale attack of the Ukrainian Army against Russia's Kursk Region.

Earlier, Gazprom spokesman Sergey Kupriyanov said that the fighting that broke out near Sudzha in the Kursk region has already had an effect on the prices of natural and liquefied gas, which have risen sharply.

On August 6, Ukrainian armed forces launched a massive attack on Russia's Kursk region, where the Sudzha gas metering station (GMS) is located.

The transit line through it remains the only route for Russian gas supplies to Europe via Ukraine.

Russian gas supplies have been going through Ukraine in reduced volumes since May 2022, when the Ukrainian GTS Operator announced the termination of transit to Europe through the Sokhranovka station due to force majeure: the company allegedly cannot control the Novopskov compressor station in the LPR.

However, Gazprom saw no reason to change or stop the pumping schedule.