Gas price in Europe is approaching $ 500

Photo: utg.ua

Gas prices rise to unprecedented levels for the summer

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Gas in Europe continues to rise in price at a record level due to Russia’s refusal to increase supplies via the Ukrainian gas transportation system.

Gas prices at auctions in Europe are approaching $ 500 per thousand cubic meters, writes Kommersant Thursday, July 29th.

Thus, spot gas prices at the key TTF hub in the Netherlands peaked at $ 484 per thousand cubic meters, breaking the record.

Forward prices also reached a maximum – the nearest August futures on TTF rose to $ 491 per thousand cubic meters (+ 5.3%) over the day. The cost of long-distance futures also remains high – the December contract is traded at € 39.2, and the January contract – at € 38.975.

The publication notes that prices rose again after refusal of Gazprom to increase gas supplies through Ukraine.

At the same time, supplies of liquefied gas to Europe are also decreasing. Since the beginning of July, 12% less regasified LNG has been received compared to June; in annual terms, the decline exceeded 22%.

According to experts, gas prices will not go down until the launch of Nord Stream 2, deliveries along the first line of which may begin in October. According to the operator, gas pipeline completed by 99%.

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