TRPC Natural Gas TTF Monthly Continuation 1 hit four months high on Tuesday as Russia is expected to temporarily shut down the Nord Stream 1 pipeline for maintenance.
The price of TRPC Natural Gas TTF Monthly Continuation 1, which tracks European gas prices, rose to EUR176, marking a fresh high since March 2022 amid mounting concerns about tight supplies in Europe ahead of winter.
Meanwhile, Russia will proceed with a temporary shutdown of the Nord Stream 1 pipeline for its annual maintenance. Nord Stream 1 is the European Union’s biggest pipe for importing gas from Russia.
Investors are concerned that the shutdown will disrupt European gas supplies while the group is racing to fill storage ahead of this winter. Some went as far as speculating that the Russian will use this opportunity to shut down gas feeding for good.
The schedule will run from July 11 through to July 21.