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Report: Gas prices in Europe reach their highest level in 13 years

July natural gas futures on the Dutch TTF market, Europe's main benchmark, hit €31,280 per megawatt-hour on Wednesday, hitting their highest in nearly 13 years after these days breaking the €30-per-mega-hour mark for the first time. Since 2008, prices have risen for the fifth consecutive day.

Gas stocks in Europe have become less than normal after a long and cold winter, while major suppliers, including Norway, have cut off supplies, limiting the amount of fuel entering the countries of the region, according to a report in the Spanish newspaper "El Convential".

Because of the heat, a lot of energy is consumed for air conditioning. As a result, power plants receive gas that can be directed to replenish waste reserves during the cold winter season, so this week's vault loads are 17 percent below the five-year average at the time.

Gazprom continues to pump gas to European storage facilities, with a focus on Germany's underground Katharina reservoir, but two major Russian gas export pipelines, Yamal Europa and Nord Stream, are due to stop for maintenance in June.