European natural gas prices surged to a three-month high recently amid lingering concerns over Russian supplies and EU efforts to fill storage facilities before the start of the heating season.
August futures on the TTF trading hub in the Netherlands jumped by 6.4%, reaching $1,630 per thousand cubic meters or €149.15 ($155.05) per megawatt-hour in household terms, data from London’s Intercontinental Exchange shows. It was the first time the natural gas price exceeded that level since March 10.
On June 14, Russian gas exporter Gazprom slashed supplies to Germany via the Nord Stream pipeline by 60% citing technical issues due to Ukraine-related Western sanctions.
Following the decision, German Vice-Chancellor Robert Habek called for a reduction in gas consumption in the country, while several other EU nations announced measures to help them use less gas, including reviving coal power plants.