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European gas prices top $650/1,000 cubic meters amid latest fall in transit via Yamal-Europe

MOSCOW. Sept 6 (Interfax) – The price of the nearest (October) TTF spot gas futures on the ICE Futures exchange on Monday morning reached 53.68 euros per kWh, or $659/1,000 cubic meters, according to exchange data.

On Friday, the value of that contract was $632/1,000 cubic meters.

The flow of gas via the Yamal-Europe gas pipeline, which runs from Russia through Belarus and Poland to Germany, halved on Monday morning compared with Sunday and was 35% less than the level of the working days of last week. As of now, the average gas flow on entry to Germany’s gas transport system is 1.5 million cubic meters per hour compared to 3 mcm per hour on Sunday and 2.3 mcm per hour on the previous days.

The new gas year begins from October. Gazprom has a long-term reservation of transit capacities through the Yamal-Europe gas pipeline until the end of September. The Russian company did not book capacities of the pipeline at past annual and quarterly auctions.

Gazprom’s reservation of capacities through Ukraine for September has reduced to the volume of the long-term contract – 109 mcm per day. In previous months, the Russian gas company bought an additional 15 mcm per day.