A worker at a gas storage facility in Gronau, Germany. File photoMOSCOW, May 16.Gas prices in Europe closed trading on Monday with a decrease of 4.5%, falling to almost $995 per thousand cubic meters, according to data from the London ICE exchange. Fridays — 1041.8 dollars per thousand cubic meters. The price showed some volatility during the day, ranging from $987 to $1,043. The closing price was $994.6 (-4.5%). A noticeable increase in gas quotations was observed on May 10 after the GTS Operator of Ukraine reported that gas transit to Europe through the Sokhranivka station would be stopped the next morning. Prices also rose on May 12: market sentiment could have been influenced by the news that Gazprom is now prohibited from using the Polish section of the Yamal-Europe pipeline for gas transportation under Russian sanctions.
Gazprom: Europe needs to pump more than 49 billion cubic meters of gas into storage facilities then on February 24, it jumped by almost 50% — to $ 1,555.5. In early March, due to fears of a ban on the import of Russian energy resources, quotes updated their historical highs for four days in a row. The price record of $3,892 was reached on March 7 (+275% against February 23), and the estimated price for the day was $2,560.7 per thousand cubic meters (+146.5%).
NYT explained why Europe will not be able to replace Russian gas .1% by February 23). After that, gas futures went up again and reached $1,370 per thousand cubic meters. The new sharp rise in quotations was associated with the suspension of Gazprom's deliveries to Poland and Bulgaria due to their refusal to pay for gas in rubles.
