Gas price in Europe exceeds $300 per thousand cubic meters

The spot price of natural gas at the Dutch hub TTF for delivery on May 26 reached $333 per thousand cubic meters after falling to $290 per thousand cubic meters, its lowest since early 2021, on May 20, Report informs, citing Interfax.

The growth is explained by Gazprom's refusal to book additional capacities for gas transit to Europe through the territory of Ukraine in June. For additional booking, 63.7 million cubic meters per day were offered. At the same time, on May 17, Gazprom bought out all the proposed 15 million cubic meters per day at a regular auction for booking additional capacities for pumping gas through Ukraine.

The average gas price at TTF since the beginning of this year was $250 per thousand cubic meters. The Gazprom budget for 2021 includes an average export price of $170 per thousand cubic meters.

As previously reported, on May 17, the spot price of gas in Europe at TTF was $342 per thousand cubic meters, which is the highest value since September 26, 2018. The gas price exceeded $300 per thousand cubic meters at TTF on May 6.