European gas price rises to $1250 amid gas pipeline emergency in Chuvashia

Gas price on ICE exchange rose to $ 1,250 amid a gas pipeline accident in Chuvashia

European gas price rises to $1250 amid gas pipeline emergency in Chuvashia

The exchange gas prices in Europe approached the mark of $1250 per 1,000 cubic meters after the explosion at the gas pipeline in Chuvashia. The data was published on Tuesday, December 20, on the official website of London’s ICE exchange.

January futures for the TTF index (Europe’s largest hub, located in the Netherlands) opened trading with a loss of $1150.2 per thousand cubic meters (-3.3%). During the day, the price jumped sharply to $1257.9 (+5.6%). The day before, the price was at $1189.7.

Gas prices began to change after reports of an explosion at the Urengoy-Pomary-Uzhgorod gas pipeline, which crosses the Russian-Ukrainian border in the Kursk Region. The facility is also the only entry point for Russian gas into Ukraine and transit to Europe.

A fire at the gas pipeline broke out earlier on Tuesday. As a result of the tragedy, three people died and four others were injured. The rupture occurred during routine repair work, the Chuvash Ministry of Emergency Situations’ main directorate said.

It was noted that the gas flare at the site of the accident was eliminated. The ministry determined that the rupture occurred during scheduled maintenance work on a section of the main underground gas pipeline.

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