Gas price in Europe approached $ 700

Gas prices in Europe are skyrocketing

The main factor behind the price growth is the low level of reserves in UGS facilities in Europe with limited gas flow through pipelines and in liquefied form.

The price of the October futures for the TTF spot gas index on the ICE Futures exchange reached 56.83 euros per kWh, or $ 696 per thousand cubic meters, reports Interfax with reference to the data of the exchange on Thursday, September 9.

“The main factor behind the rise in prices is the low level of gas reserves in underground storage facilities in Europe with limited supply of gas through pipelines and in liquefied form. A little more than a month remains before the transition from injection to extraction of gas from underground storage facilities, and the level of reserves has barely exceeded 2/3. On Wednesday morning, stocks stood at 69.52%, which is 15.5% below the average level over the past five years, “- said in a statement.

In August, the average value of a day-ahead contract on TTF was $ 533, in early September – already $ 631 per thousand cubic meters. Since the beginning of the year, the average price of a day-ahead contract on TTF was $ 335 per thousand cubic meters.

“The historical perspective of comparing current price peaks rests on a surge in prices in March 2018 to a thousand dollars per thousand cubic meters, when the legendary cold front the Beast from the East raged in Europe. However, a steady rise in gas prices in the summer and fall of 2021 year makes one come to terms with the idea that price records may be updated soon. But this will no longer be a shock peak for several days, but a new base price level, “the agency writes.

Earlier it was reported that in August imported gas for Ukraine has risen in price by 20%… Over the month, the cost of gas purchased by Ukraine increased by $ 70, and since the beginning of the year by 111%.

As a reminder, Gazprom stated that see no prerequisites for lower prices for natural gas in Europe.

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