Gas price in Europe exceeds $1,000 per 1,000 cubic meters for the first time ever

Source : 112 Ukraine

The prices for gas grows amid the low supplies in the European underground gas storages with a shortage of supplies for Russia
10:21, 28 September 2021

Open source

The price for gas in Europe at the opening of the trades on September 28 has exceeded $1,000 per 1,000 cubic meters for the first time ever as the ICE reported.

According to the exchange house, the price of October future at the TTF hub in the Netherlands has reached $1031,3 per 1,000 cubic meters. The total growth of gas prices has exceeded 11% since the beginning of the day.

Related: Europe fears a gas crunch begin: What does it mean for Ukraine?

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: Hungary, Russia sign gas transit agreement bypassing Ukrainian territory

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

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