Gas prices in Europe have broken through the mark of $1,600 per thousand cubic meters

MOSCOW, 12 Oct — PRIME. According to the results of trading on Wednesday, exchange prices for gas in Europe rose by 1.9%, exceeding the mark of $1,600 per thousand cubic meters, according to data from the London-based ICE exchange.

The next – with delivery in November – futures on the TTF index reached a price minimum in the first minutes of trading – 1558.5 dollars per thousand cubic meters (-0.9%). During the day, quotes rose to $1,616.4 (+2.8%), and by the close they lowered their growth rates, dropping to $1,602.1 per thousand cubic meters (+1.9%). The dynamics is based on the estimated price on Tuesday – 1572.5 dollars per thousand cubic meters.

Prices on October 10 for the first time since the end of June fell below $1,450 per thousand cubic meters. At the same time, they are several times higher than last year, when gas prices were already at a record level.

The average settlement price of the nearest futures in September, according to RIA Novosti calculations based on ICE data, fell to $2,093 (-14.6% on a monthly basis). In May, the figure was $1,030, in June it was almost $1,180 (+14.6%), and in July it was about $1,805 (+53%). In August, the price slightly exceeded $2,450 (+35.7%), which was a record in the history of gas hubs in Europe since 1996.

But back in early March, gas prices in Europe, due to fears of a ban on the import of Russian energy resources, updated their historical highs for four days in a row. The price record of $3,892 per thousand cubic meters was reached on March 7.