The price of gas in Europe has reached $3500 per thousand cubic meters

The spot price of gas in Europe on Monday morning reached another historic high and exceeded the level of $3500 per thousand cubic meters.

It is noted that in addition to the difficult situation around Ukraine and the growing uncertainty with the supply of Russian gas, oil and coal, an additional driver of price growth is a sharp decrease in electricity generation due to renewable sources – wind generation.

The price of the April futures on the TTF hub reached $3514 per thousand cubic meters, while on Friday trading ended at $2150.

Meanwhile, Russian Gazprom continues to regularly supply gas for export in accordance with the volumes of the long-term contract (40 billion cubic meters. m per year, or 109 million cubic meters. m per day). Gas is supplied through Ukraine via the Nord Stream and Yamal-Europe gas pipelines. 

With the onset of Monday, Yamal-Europe is working in reverse mode again, as the application for gas supply from Germany to Poland has significantly exceeded the nomination for supply through Poland to Germany.