Gas prices soared after the damage to the Nord Stream

According to the trading data, the exchange price of gas in Europe exceeded $1,900 per thousand cubic meters. In particular, the cost of the October futures on the TTF hub in the Netherlands increased by 11%, reaching €192.84 per 1 MWh, or $1948 per thousand cubic meters.

The driver of the price increase was the news about a sharp drop in pressure in both lines of the Nord Stream gas pipeline, which supplies gas from Russia to Europe. The operator of the Nord Stream AG gas pipeline stated that in one day, damage of an unprecedented nature occurred simultaneously on all lines of the offshore gas pipelines of the Nord Stream system (including on one line of the inactive Nord Stream-2).

«It is not yet possible to estimate the time frame for restoring the operability of the gas transportation infrastructure,» the pipeline operator said in a statement.

Sources connected with the investigation of the incidents report that the cause of the incident could be sabotage. However, there is no reliable information about the causes of the pressure drop in the pipeline yet, the investigation is ongoing.