Gas Prices in Europe Exceeded a Thousand Dollars for the First Time in History
OREANDA-NEWS. Gas prices on the European futures market at the opening of trading for the first time in history exceeded one thousand dollars per thousand cubic meters, it follows from ICE Futures data.
So, futures on the Dutch TTF index (the most liquid European hub) started at $ 992 and by 10:10 Moscow time reached a historic high of almost $ 1030.
The previous record was recorded on September 15 - then the price per thousand cubic meters rose to $ 963.9.
The cost of gas in Europe has been growing since the end of last year. One of the reasons was a drop in the volume of wind power generation and, as a result, an increase in the share of gas-fired generation.
The cost of fuel in Europe in recent weeks has soared more than one and a half times - on September 1, gas was traded at $ 614 per thousand cubic meters. Analysts believe that this is due to concerns about a possible shortage due to the low occupancy of European gas storage facilities. In addition, the increased demand was driven by economic recovery and weather factors, as well as competition for LNG with Asia and limited supplies of the largest European supplier, Gazprom.
This year, Gazprom supplied 138.6 billion cubic meters to foreign markets, which is 17.4% more than the same indicator last year.