Natural gas prices were still moving at very high levels yesterday, pushed by the prospect of a temporary interruption in Russian gas deliveries via Nord Stream 1.
Yesterday, the Dutch TTF futures contract, the benchmark for the European natural gas market, traded at 269.995 euros per megawatt hour (MWh), down slightly by 2.44% compared to 295 euros per MWh recorded the day before. Such prices had not been seen since March, when European and British natural gas had been propelled to their all-time highs. In the United States, gas continued to soar with a peak of 10.028 dollars per million British thermal unit (BTU), a new record for 14 years.
Gas prices have been boosted by Russian giant Gazprom, which announced last week that its deliveries of Russian gas to Europe through the Nord Stream 1 pipeline would be interrupted for three days, from August 31 to September 2, for maintenance reasons.
As for crude oil prices, they rose yesterday following the announcement on Monday by Saudi Energy Minister Abdelaziz bin Salman that OPEC+ (Organization of Petroleum Exporting Countries and its allies) had the means to “reduce at all its production” to face the challenges of an oil market “which has fallen into a vicious circle of low liquidity and extreme volatility”. However, according to indirect OPEC+ sources quoted by Archyde.com, such a reduction would not be imminent and would coincide with the return of Iranian oil to the market if Tehran and the West reach a nuclear agreement.
Natural gas prices were still moving at very high levels yesterday, pushed by the prospect of a temporary interruption in Russian gas deliveries via Nord Stream 1. Yesterday, the Dutch TTF futures contract, the benchmark for the European natural gas market , traded at 269.995 euros per megawatt hour (MWh), down slightly by 2.44% compared to 295 euros…
