Gas prices grow by 30% as markets react to Nord Stream-1’s continued shutdown

5 September, 02:37 PM
Alexey Miller, CEO of Gazprom (

Alexey Miller, CEO of Gazprom (

The spot market natural gas market price in Europe has surged by 30%, approaching $2,900 per 1,000 cubic meters, on Sept. 5, as the the Nord Stream-1 gas pipeline remains shut down.

The price jumped to $2,855 per 1,000 cubic meters when the markets opened on Sept. 5 – a massive 29% increase compared to $2,2213 on Sep. 2.

Russian state-owned fossil fuel company Gazprom said that the pipeline will remain non-operational due to motor oil leaks in Siemens engines which power the gas turbines. According to Russia, this malfunction can only be fixed in service facilities in Canada’s Montreal – an alleged impossibility, due to Canadian sanctions.

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Siemens has dismissed Gazprom’s claims, saying that such malfunctions had not shut down the pipeline in the past.

Gazprom continues to pump 42 million cubic meters of gas to Europe per day via Ukrainian pipelines.

According to Brussels, EU gas reservoirs were 80% full by September.

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