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Natural gas in Europe has risen by more than 7% to 136 euros per megawatt-hour (MWh) amid fears of further cuts and even shutdowns of Russian gas supplies, which calls into question the EU's ability to fill gas storage facilities before the start of winter heating season, BNR reported.

One week ago, Gazprom began limiting much of its supplies to Germany through Stream 1 and to Italy, with the total number of EU member states affected by the reduced Russian supplies reaching 12 to date.

Germany is planning additional measures to compensate for the reduction in supplies from Russia

As a result, Germany is today launching the second phase of its three-stage plan for gas crises, which includes tighter market monitoring and reactivation of coal-fired power plants.

In addition, the EU is expected to have limited liquefied natural gas production from the United States by the end of 2022 due to repairs at a key export terminal in Texas after it was damaged by an explosion and a fire.

In addition to growing risks, the Turkish Stream pipeline was closed for maintenance and maintenance until the end of the month, while flows from Norway, Europe's second-largest supplier, also declined due to compressor failure.

All this contributes to the futures of the Dutch gas hub TTF by more than 7% to 137 dollars per barrel at 14.00 Bulgarian time, looking at the recent two-month peak of 149 euros per MWh, reached on June 16.

natural gas supply

Russian gas