European gas prices fall amid restored deliveries from Russia

European gas prices fall amid restored deliveries from Russia

Russian natural gas supplies over the Yamal-Europe pipeline soared almost twofold on Monday, returning to early August figures, data from the European gas transport operator Gascade showed.

According to Gascade, gas pumping via the Yamal-Europe gas pipeline surged by 77% (from 4pm to 5pm) to 2.71 million cubic meters per hour from about 1.5 million cubic meters per hour. 

European gas prices dropped by almost 2% to $493 per 1,000 cubic meters or €41.125 per MWh on the back of growing supplies, ICE data shows.

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The resumption in gas deliveries from Russia through the Yamal-Europe gas pipeline follows a fire that broke out at Russian energy giant Gazprom’s Urengoy plant in Siberia on August 5. The fire was localized the following day, but the volume of gas transferred from the facility wasn’t fully restored until now, leading to a natural gas price spike in Europe.

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