Gas prices in Europe have risen sharply by more than 20% - above €28/MWh

Front Month natural gas futures prices (July resource) rose above €28/MWh during trading on Monday, according to trading data.

Compared to the previous day, prices rose by more than 20%. When transferring, the cost of gas is about $318/tcm or UAH 14,074/tcm (including VAT). According to Natural gas ExPro Quotations, natural gas prices in Ukraine on Monday fluctuated in the range of UAH 12,680-12,900/tcm (including VAT).

The rise in natural gas prices in Europe is taking place against the backdrop of lower LNG supplies and lower regasification volumes at European terminals due to maintenance.

In addition, protracted maintenance in Norway and a number of unscheduled shutdowns, in particular at the Hammerfest LNG export LNG terminal, contribute to the increase in prices. Also, on June 5, repair work on the Turkish Stream gas pipeline began, which will continue until June 12.

Also, European analysts associate this growth with Saudi Arabia's announcement of a significant reduction in oil production in July.