Exchange gas prices in Europe exceeded $2,400 per thousand cubic meters for the first time since March 8

MOSCOW, 15 Aug — Exchange gas prices in Europe for the first time since March 8 exceeded $2,400 per thousand cubic meters, according to the London ICE exchange.

So far, the price minimum of futures contracts for the supply of gas in September (according to the TTF index) is $2,181.2 (+0.4 percent to the settlement price the day before – $2,173.8), and the maximum is $2,407.6 (+10.8 percent).

The European market faced a gas collapse last year. Experts attributed its occurrence to limited supply from major suppliers, low levels of occupancy of underground gas storage facilities (UGS) in Europe, and high demand for liquefied natural gas (LNG) in Asia.

Now Europe continues to be under pressure due to the ongoing tension with supplies from Russia. Russian gas exports fell after the start of the military operation in Ukraine: supplies through the Nord Stream and through the Ukrainian gas transportation system dropped significantly, and the Yamal-Europe pipeline stopped altogether.

The average monthly settlement price of the nearest gas futures on ICE, according to calculations in July, jumped by almost 50 percent – to about $1,805 per thousand cubic meters from $1,180 in June, while in the middle of last summer it did not exceed $500. Such persistently high prices have not been seen in the history of gas hubs in Europe since 1996.

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