The spot price of gas in Europe has risen 30% to almost $2,900/1,000 cubic meters due to the continued shutdown of the Nord Stream pipeline from Russia.
TTF October futures have risen to $2,855 per 1,000 cubic meters since the start of trading on the ICE Futures exchange Monday from Friday's close of $2,213
The Nord Stream pipeline was unable to restart as planned after three days of maintenance, as oil leaks were found in Siemens turbines and this problem can only be fixed with factory repairs, Gazprom said. The Siemens turbines can only be repaired at a plant in Montreal, but Canada has imposed sanctions against the Russian gas giant.
"Siemens currently has virtually no ability to carry out regular overhauls of our gas pumping units. Siemens simply has nowhere to do this work," Gazprom CEO Alexei Miller said.