The maintenance works of Nord Stream 1, the largest pipeline carrying Russian gas to Germany, which started on 11 July, were completed and natural gas flow started from the line.
The Nord Stream 1 pipeline carries 55 billion cubic meters of gas per year from Russia to Germany under the Baltic Sea.
Markets and companies were worried that the downtime of the pipeline could be extended due to the Russia-Ukraine War. However, today, in the first hour of the flow, Russian officials stated that 48 million cubic meters of natural gas was supplied to the system.
The pipeline, with a capacity of 160 million cubic meters per day, was transmitting 60-65 million cubic meters of gas before maintenance. Today, the daily flow is expected to reach 65 million cubic meters.
Natural gas prices fall
The resumption of natural gas flow from Russia has also brought prices down in Europe.
The price of natural gas per megawatt hour decreased by 5.8 percent to 146 euros as of 09:18 today, compared to the previous closing.
The August gas futures contract price, traded at TTF, the Netherlands-based virtual natural gas trading point with the deepest depth in Europe, closed at 155 euros per megawatt hour yesterday.
Euro rebounds against dollar
The flow of natural gas also positively affected the euro, the currency of the European Union. The euro recovered against the dollar, hitting its highest level in the last two weeks. The euro, which appreciated by 0.42 percent, changed hands at $ 1,02215. After seeing the peak of $1,0273 on July 6, the euro rapidly depreciated and found the same value as the dollar. As of Wednesday, it has recovered most of this depreciation.
In addition to the resumption of natural gas flow to Europe, the interest rate decision of the European Central Bank (ECB), which was expected to be announced within the day, also played an important role in the appreciation of the Euro.
Economists estimate that the ECB could raise interest rates by a significant 50 basis points. Concerns are observed in the markets that the ECB will keep the interest rate hike at 25 basis points instead of 50, with the aim of curbing the record-breaking inflation rates across Europe.
Used car prices in the Netherlands fell for the first time this year
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Declining interest in Randstad region in the Netherlands
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Netherlands uses Europe’s most expensive natural gas
The Netherlands became the country that used the most expensive natural gas among the European Union countries with its natural gas prices in July.
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