Gas price in Europe exceeded $3,300 per 1,000 cubic meters

The spot price of gas in Europe on Thursday evening continued its active growth. A jump in prices at the end of the European trading session is usually the result of the influence of the growth of quotations in the Asian market, Interfax reports.

The price of the nearest (September) TTF futures on the ICE Futures exchange reached $3,312 per thousand cubic meters.

Since the beginning of August, the average price for TTF was $2,323; in July, gas was traded at an average of $1,764 per thousand cubic meters.

The historical maximum price for gas in Europe was recorded on March 7, 2022, when at some point $3898 was given for the April futures.

The possibilities of the main suppliers of pipeline gas to Europe are technically limited: in Norway, preventive maintenance at the fields continues, and the capacity of the Nord Stream gas pipeline has been reduced due to violations of the maintenance schedule and breakdowns.

Asian buyers earlier this year tried not to force gas purchases on the spot, giving up free volumes to Europeans. However, as winter approaches, they are faced with the task of forming their own gas reserves.

Source: Nebit-Gaz