Gas prices in Europe fell by 19% after Germany announced the early filling of UGS

Exchange prices for gas in Europe fell below $2,900 per 1,000 cubic meters. m after rising above $3,500 last week, should from London ICE data. Today, the price of the nearest September natural gas futures at the TTF hub in the Netherlands fell by 19% to 275.8 euros per MWh, or $2,884 per 1,000 cubic meters. m, taking into account the current exchange rate in the international market, according to the data of the ICE exchange.

The biggest drop since April came after statements German Economy Minister Robert Habek that the country’s underground gas storage facilities (UGS) are filling up faster than planned, despite the limitation of supplies from Russia. According to his forecast, the October UGS occupancy target will be reached in early September, by which time the storage facilities will be 85% full. As of August 26, the fill rate was 82.2%.

“Despite the difficult circumstances, we are making progress. We manage to largely replace Russian pipeline gas. Gas comes to us in other ways. The vaults are filling up faster than expected. Even if at the end of the month gas supplies via Nord Stream finally stop after the expected maintenance, we will already reach the goal for October,” Khabek said.

Previously “Gazprom» announced that he would suspend the operation of the last gas-pumping turbine Siemens for technical work from August 31 to September 2. in the absence of malfunctions, gas supplies will resume in the same volume at the level of 33 million cubic meters. m per day.

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