During the trading of the Moscow Exchange on August 14, shares of the largest gas companies in Russia, Gazprom and Novatek, reached historic highs in ruble terms, according to the data of the site.

Shares of energy giants have risen to record levels for themselves due to the sharp rise in natural gas prices in Europe, which has accelerated in recent days. The day before, the price of one thousand cubic meters reached a maximum of $ 750, and on Tuesday morning it had already climbed to $ 810.

As a result, Gazprom shares gained 1.89 percent to the level of 339 rubles, while Novatek, after a one percent increase, traded at 2015 rubles per share.

After that, the shares of both companies corrected. The first, as of 17:11 Moscow time, is trading at 338.74 rubles, and the second – 1952.6 rubles.

The cost of natural gas in Europe is hitting new highs every day amid low storage levels and a lack of liquefied natural gas (LNG) on the market. The reason for the current panic could be a statement by the German Federal Network Agency (BNetzA) that certification of the Nord Stream 2 gas pipeline will take two to four months.

It is impossible to start deliveries along this route without certification, however, a number of sources in the market believed that pumping as an exception could be launched as early as October 1.

Disclaimer: If you need to update/edit/remove this news or article then please contact our support team Learn more

Leave a Reply