Gas price in Europe exceeds $350 per 1,000 cubic meters

The price of gas in Europe on Monday grew by more than 18% and surpassed $350 per 1,000 cubic meters, according to London’s ICE.

The price of July futures at the TTF hub in the Netherlands rose to $357 per 1,000 cubic meters, or 32.08 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).

The work of the Hammerfest LNG plant in northern Norway was suspended on May 31 due to a gas leak. The Hammerfest LNG plant contributes for roughly 5% of Norwegian gas exports, supplying 6.5 bln cubic meters per year on average. The incident caused last week’s gas price hike in Europe.