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Gas price in Europe up slightly on TurkStream pipeline attack news

The price of February futures at the TTF hub in the Netherlands rose to around $500 per 1,000 cubic meters or 47.375 euro per MWh

MOSCOW, January 13. /TASS/. The gas price in Europe edged up 1% in January 13 trading following reports of an attempted attack on a compressor station of the TurkStream gas pipeline, according to data from London’s ICE.

The price of February futures at the TTF hub in the Netherlands rose to around $500 per 1,000 cubic meters or 47.375 euro per MWh (based on the current exchange rate of euro to dollar, prices for ICE are presented in euros per MWh). As trading opened the price rose by around 4%, and it only added 1% after the TurkStream attack was reported.

Russia’s Defense Ministry said earlier that Kiev to disrupt gas supplies to Europe had attempted an attack using nine unmanned aerial vehicles targeting the infrastructure of the Russkaya compressor station in the Krasnodar Region, which supplies gas through the TurkStream pipeline. Meanwhile the compressor station supplies gas to the TurkStream pipeline in the normal operation mode, with no disruptions having occurred.

The gas pipeline running from Russia to Turkey through the Black Sea with a capacity of 31.5 bln cubic meters of gas is designed to supply gas to Turkey and the countries of Southern and Southeastern Europe. As of today, it remains the only active route for Russian gas supplies to Europe. The starting point of the Turkish Stream is the Russkaya compressor station built near Anapa; onshore, it exits in Turkey near the village of Kiyikoy in the northwestern province of Kirklareli.

The price of gas in Europe grew gradually in late December as the transit of Russian gas through Ukraine was expected to end. Meanwhile in the first trading after the termination of gas deliveries from Russia the prices were slightly up by 1%, remaining at the autumn 2023 highs though. After that the price decreased.

The average gas price in Europe fell by 17% in 2024 to around $387 per 1,000 cubic meters, with warm weather, high occupancy rates of gas reserves and the lack of growth of gas demand in the EU being among the main factors behind the decrease. Experts interviewed by TASS have said that gas prices are likely to rise on all main global markets in 2025, though in 2026-2027 their decline is expected. In Europe, prices will see moderate growth this year, while the end of Ukrainian transit is not going to become a key price formation factor, with only a short-term growth within 10% projected.