Gas in Europe Fell After News of Nord Stream 2
According to the data of the London stock exchange ICE, the price of September futures on the Dutch TTF index (the most liquid hub in Europe) fell by five percent, to $ 510 per thousand cubic meters. By 12:26 Moscow time, the index value slightly corrected - to $ 516, but then the quotes went down again: the drop was nine percent, $ 483 per thousand cubic meters. By 13:03 Moscow time, the index was trading at $ 493.
According to a statement from Gazprom, supplies via Nord Stream 2 this year may amount to 5.6 billion cubic meters. According to experts, the pipeline may be launched in October.
On the eve, a false message about the start of pumping through a new gas pipeline provoked a fall in gas prices by ten percent, but then futures began to rise again.
Recently, prices on the European gas market are hitting records amid falling reserves in the largest UGS facilities to historic highs, and also because Gazprom temporarily reduced pumping along the Yamal - Europe route after the accident at the Urengoy condensate preparation plant to transport. Experts do not exclude that with the onset of cold weather, Europe is threatened with a new jump in prices.
The construction of Nord Stream 2 is nearing completion. The operator, Nord Stream 2 AG, announced that the work is scheduled to be completed at the end of August.
The project is actively opposed by the United States, which is interested in promoting its LNG to the EU countries, as well as Ukraine and Poland, which call the project political. Moscow has repeatedly called on to stop politicizing the situation, recalling that the gas pipeline is beneficial not only to Russia, but also to the European Union.