Gas prices in Europe jumped above $1,900 per thousand cubic meters

MOSCOW, Sep 27 – PRIME. European gas prices jumped 12 percent to over $1,900 per 1,000 cubic meters, according to London-based ICE.

According to the information, October gas futures on the index of the largest European hub TTF opened trading at $1,756.7 per thousand cubic meters, which is 1.8 percent higher than the settlement price on Monday ($1,725.5 per thousand cubic meters). At the same time, the maximum amounted to 1936.5 dollars per thousand cubic meters (+12.2%).

As of 12.21 Moscow time, the quotes are at the level of 1925.9 dollars per thousand cubic meters and are 11.6 percent higher than the estimated value of the previous trading day.

Average gas prices in the European region continue to increase for the fourth month. In May they were $1030, in June they were almost $1180, in July they were about $1805, and in August they exceeded $2450. On August 26, the settlement price reached a record $3,507 per thousand cubic meters.

The cost of fuel is affected by the uncertainty surrounding supplies from Russia. Despite the decline in volumes in recent days, pumping is several times higher than last year’s levels, when prices were record highs. The last jump in prices (above $3,500 per thousand cubic meters) occurred at the end of August, caused by the suspension of the Nord Stream gas pipeline for a three-day scheduled maintenance.

In early September, Gazprom announced a complete shutdown of the pipeline for an indefinite period due to a malfunction of the last operating unit. A downtime of the pipeline deprives Europe of up to 33 million cubic meters of gas per day, or about a billion cubic meters per month. Such losses are superimposed on the previous reduction in supplies from Russia via Nord Stream and other routes by at least 8-9 billion cubic meters per month.