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Europe’s crisis worsens on halting Russian gas

Mohamed Abdelhamid 22 August, 2022 8:12 pm Commodities, Market Update

Natural gas prices jumped up nearly 20% as Russia gets ready to shut down vital pipeline again. News of another expected shutdown for the crucial Nord Stream 1 natural gas pipeline sent the region’s prices soaring to start the week.

September Title Transfer Facility (TTF) natural-gas futures in the Netherlands jumped 19% to 295.50 euros per megawatt hour (MWh) on Monday. That is from just 26 euros a year ago. UK natural gas futures climbed 21% to 560 pence a therm, from only 23 pence a year ago.

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