Gas price in Europe breaks all historical records

ccording to the trading data, the price of gas futures in Europe has renewed its maximum again, having jumped above $1,900 per thousand cubic meters. In particular, November futures on the Dutch TTF index (the most liquid European hub) rose to $1,937. However, this historic maximum lasted only a few minutes, and the current gas price is $1,765.8 per thousand cubic meters.

Gas prices on the European market have been growing over the past weeks. At the beginning of August the prices for natural gas were close to $515, then a month later they rose to $614, and by the end of September the cost doubled in price. Over the past two days, the gas has increased by another 30%.

Analysts attribute the growth of the gas market to the low level of filling of gas storage facilities, as well as to limited supply from the main suppliers and high demand for LNG in Asia. Gas prices may drop if Nord Stream 2 is launched by the end of the year. Otherwise, if there is a cold winter, and gas supplies do not increase, Europe will face a further rise in the price of «blue fuel».

The countries of the European Union are concerned about such an impressive jump in prices and offered to investigate the reasons for this growth. The economics and finance ministers of France, Spain, the Czech Republic, Romania and Greece have signed a joint investigation statement that will help understand why the current gas contracts were insufficient.