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Gas prices in Europe are approaching $3,500

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

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