Gas price in Europe exceeds $3,500 for first time since early March

The price of gas in Europe exceeded $3,500 per 1,000 cubic meters during the auction for the first time since March 7, data from London's ICE show.

Report informs citing TASS that the overall increase in the cost of gas since the beginning of the day is almost 11%.

The September futures at the TTF hub in the Netherlands rose to $3,541 per 1,000 cubic meters. or €340.9 per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in EUR per MWh).

The increase in gas prices is taking place against the backdrop of an increase in the cost of Asian futures for the supply of liquefied natural gas and in anticipation of the suspension of supplies via Nord Stream for three days from August 31 due to the repair of the only gas compressor unit remaining in operation.

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