Gas prices for the European market rise after reports of attack on metering station

Wholesale gas prices for the European market are rising today after reports of an attack on a metering station in Sudzha, Russia. It used to be an entry point for transporting Russian natural gas by pipeline through Ukraine and onward to the European Union, before Ukraine halted further transit. Reuters reports.

The price of the key front-month gas contract at the Title Transfer Facility (TTF) virtual trading hub in the Netherlands was up by more than two percent shortly before 13:00 CET, trading below 44 euros (about 1100 Kč) per megawatt-hour (MWh). The TTF price is the benchmark for gas prices in Europe.

Some Russian media accused the Ukrainian army of attacking the Sudzha station. The Ukrainian army denied this, claiming that Russian forces had attacked their own metering station. Ukraine called it a Russian provocation, Reuters reported. Russia launched its invasion of Ukraine more than three years ago.

„If these reports are confirmed, they could dent hopes that some in Europe have recently been nurturing of Russian gas flows through Ukraine resuming if ceasefire talks are successful,“ said LSEG analyst Jurij Onyškiv.

Russia and Ukraine had previously said they would refrain from attacking each other’s energy infrastructure. The agreement followed a phone call between United States President Donald Trump and Russian President Vladimir Putin, and then with Ukrainian leader Volodymyr Zelenskyy. Putin rejected a proposal for a full 30-day ceasefire in the ongoing fighting.