Two weeks ago, European gas was trading at around $2,000, inching closer to an all-time record.
The price of oil in the European market renewed a new high in five months, reaching $3,500 per thousand cubic meters.
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Thus, the price of September TTF futures on the ICE Futures exchange reached $3,456 per thousand cubic meters.
Since the beginning of August, the average gas price has been $2,360 versus $1,764 in July.
The historical highest price of gas in Europe was recorded on March 7, 2022 – $3898.
Gas is becoming more expensive due to rising LNG prices in Asia, as well as limited work by the main pipeline gas suppliers: preventive maintenance on fields continues in Norway, and the capacity of the Nord Stream gas pipeline is reduced .
Last week, the price of gas in the European market increased by more than $500. At the same time, gas injection into European storage facilities continues on schedule.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.