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Another record: Gas price in Europe exceeds $1,250 per 1,000 cubic meters

Source : 112 Ukraine

The prices for gas grow amid the low supplies in the European underground gas storages with a shortage of supplies for Russia
11:43, 5 October 2021

Open source

The price for gas at the futures market in Europe has beaten another record. For the first time ever, it has reached $1,250 per 1,000 cubic meters, as the ICE reported.

Thus, the price of November futures at the TTF hub in the Netherlands has reached a record-breaking $1,200 per 1,000 cubic meters, showing the maximum of $1,228.8.

During the trading, the price of November futures at the TTF hub has reached $1,274.4 per 1,000 cubic meters or 104 euros per megawatt/h.

Related: Gas Transmission System operator denies info on resumption of gas transit to Hungary via Ukraine

It should be noted that the prices for gas grow amid the low supplies in the European underground gas storages with a shortage of supplies for Russia.

Earlier, Amos Hochstein, Department's Senior Advisor for Energy Security, warned that this winter Europe could face a gas shortage due to its low reserves and potential supply cuts. As of now, the European underground gas storages are occupied less by 70% and it is by 15% lower than the average level during the past five years.

According to him, the volume of supplies of natural gas from Russia has decreased compared to traditional levels. The expert believes that Moscow's actions in the gas market have contributed to the growth of its market prices.

Related: First string of Nord Stream 2 is being filled with gas

Earlier, it was reported that the construction of the Russian gas pipeline Nord Stream 2 has been completed. The operator company of the Nord Stream 2 project wants to put the pipeline into operation by the end of 2021.

 

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