Natural gas spot prices in Europe jumped 30% on Monday after supplies via Russia’s Nord Stream 1 pipeline failed to resume due to sanctions-related maintenance issues.
October gas futures on the TTF hub in the Netherlands rose to nearly $2,900 per thousand cubic meters, up from $2,213 at Friday’s close.
According to Gazprom, the latest technical issues arose due to “gross violations” committed during maintenance, which is the responsibility of Siemens Energy. The German firm responded by saying that the leak cannot be considered a technical reason for a complete halt of gas supplies via the pipeline.
Last week, Moscow said only sanctions are preventing Nord Stream 1 from working at full capacity. Gazprom CEO Alexey Miller also warned that the restrictions could obstruct Siemens Energy from carrying out regular maintenance on the pipeline’s equipment.