Gas Futures in Europe Top $1,500 Per Thousand Cubic Meters First Time Since Early April
MOSCOW (Sputnik) - Gas futures in Europe are rallying more than 16% on Thursday, exceeding $1,500 per thousand cubic meters for the first time since the beginning of April, according to the London-based ICE exchange.
July futures on the index of the largest European hub TTF hit intraday high at $1,519 per thousand cubic meters.
The spike in prices comes after Russian company Gazprom announced a reduction in gas supplies to Europe via the Nord Stream pipeline, citing technical issues.
In general, gas prices have been on the rise since the introduction of anti-Russian sanctions by the US, Europe and their allies. In response, Moscow demanded that other nations should pay for Russian gas in roubles, cutting supplies to Poland and Bulgaria after they refused to do so.