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The gas price in Europe has reached almost $ 1200 per thousand cubic meters. This is evidenced by the data of the exchange.
Thus, the cost of the November futures reached $ 1197 per thousand cubic meters.
In September, the average value of a day-ahead contract at the main gas site in Europe – the TTF hub in the Netherlands – was $ 759 per thousand cubic meters.
In the context of a general shortage of gas supplies, Europe is forced to compete for LNG with the premium market in Asia. On the eve of the futures on the Asian LNG index JKM Platts added another $ 39 and reached $ 1110 per thousand cubic meters. As experts note, with the opening of trading in Europe, this automatically pushes quotes to new highs.
On the eve, the cost of gas in Europe has updated a historical record and exceeded $ 1150 per thousand cubic meters.
Gas prices in Europe are growing throughout the year, having almost quadrupled over this period. Among the reasons for the latest rise in prices is Gazprom’s refusal to book additional capacities for gas transit through Ukraine ahead of the launch of Nord Stream 2. Gas reserves in underground storage facilities in Europe remain below last year after a cold winter.
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