Gas prices in Europe surged above 2,300 dollars per thousand cubic meters for the first time since March 8, as evidenced by stock market data tracked by ICE. The move marks a notable step higher in regional energy pricing, reflecting ongoing volatility in wholesale gas markets and the impact of supply constraints across major European pipelines.
The price uptick comes amid reports that throughput through the Nord Stream pipeline has been reduced. Since the opening of the trading session, the cost of gas has climbed more than ten percent, underscoring heightened market sensitivity to any shifts in pipeline flow and the potential for further price swings as the day progresses.
Concurrent with the spot dynamics, August futures at the TTF hub in the Netherlands rose to about 2,307 dollars per thousand cubic meters, equivalent to roughly 220 euros per megawatt-hour. This level indicates stronger forward pricing that reflects expectations of sustained tightness in European gas supplies and the willingness of buyers to secure more gas to hedge against ongoing risk factors in the region.
Earlier disclosures noted Gazprom’s plan to curb gas deliveries via Nord Stream beginning July 27 to a level not exceeding 20 percent of generating capacity, which translates to no more than 33 million cubic meters per day, given the pipeline’s overall capacity of around 167 million. The decision involves the stoppage of another turbine unit’s fuel pumps, a move that traders interpreted as a significant tightening of European gas supply. In tandem with these operational changes, prices rose by more than twelve percent as markets reassessed the potential implications for supply security, pricing, and regional energy strategy for the coming weeks and months.
Additionally, Ukraine’s Naftogaz announced a default on Eurobonds, a development that adds another layer of geopolitical and fiscal risk to an already fragile energy landscape. The news contributes to a broader narrative about how political and economic stress factors intersect with energy markets in Europe, influencing investor sentiment, credit risk assessments, and hedging behavior amid ongoing uncertainty about future gas flows and price trajectories.