Exchange price for gas in Europe broke the record again

The cost of 1,000 cubic meters was over $840, but in less than an hour it hit the new mark at $850. This is the third day when the gas price in Europe is breaking the record

The exchange price of gas in Europe has once again updated to a historical maximum and exceeded the mark of $840, and then $850, according to the trading data of the ICE exchange.

By 9:35 Moscow time the cost of October futures on the TTF Hub in the Netherlands reached €68.9 per 1 MWh or $842 per 1,000 cubic meters. (Based on the current exchange rate, ICE prices are presented in euros per 1 MWh). After that the gas price went down slightly, but then it went up even higher to $850 per 1 thou. cu. m.

Gas prices in Europe have been hitting record highs for a third day in a row. On Monday, September 13, it jumped up to $727 per 1,000 cubic meters, and the next day the index exceeded the mark of $800.

The price growth continues since the beginning of the year, during which time the cost of gas has increased about four times. Fitch agency explained in the beginning of September that the main growth driver was low gas stock levels in storage due to last winter’s cold weather and next summer’s hot weather. Dmytro Marinchenko, Director of the Natural Resources and Commodities group of the agency explained that at that time the European storage facilities contained 10-15 billion cubic meters less gas than they should be for a comfortable winter.