Gas prices in Europe reach peak after fire at Gazprom's plant

According to trading data, gas prices in Europe set a new record, surging to over $540 per 1,000 cubic meters after fire at Russian gas giant Gazprom's plant in the Yamalo-Nenets autonomous region.

As of 08:30 GMT, the TTF index September gas futures price reached a maximum of Friday's trading session at $546.3 per 1,000 cubic meters.

On the night into Thursday, the building of the Gazprom's plant where condensate was prepared for transportation caught fire, which was extinguished by Friday morning.

Because of the fire, the volume of gas pumped through the Yamal-Europe pipeline was down by half. Gazprom shares are 1% down.