The Dutch price of natural gas, the so-called Intercontinental Exchange (ICE) TTF receiver, ended Wednesday at €292.15 per megawatt-hour for September delivery, again good for setting a record at the closing bell. Just before the end of the trading day, the price exceeded 300 euros several times, for the first time since March.
300 heads were immediately rounded up early in trading on Thursday. At about 9.11 in the morning there was 312.6 euros on the price plate. In the first trading hour, the price of gas remained above and just below 300 euros, and then rose even higher.
On March 7, the price of gas peaked at €345 per megawatt-hour during trading, but fell to €227 on the same day when trading closed.
Gazprom announced last week that the Nord Stream pipeline will be closed for another three days at the end of this month. According to the Russian state gas company, this is necessary for maintenance. However, traders fear that Moscow is using the new Nord Stream shutdown to further reduce gas supplies to Germany in response to Western sanctions over Russia’s invasion of Ukraine.
In recent months, Gazprom has already reduced the flow of gas through this important pipeline under the Baltic Sea to a fifth of its maximum capacity.
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