Gas prices in Europe exceed $1,400 per thousand cubic meters

London Stock Exchange data stated, this morning, Wednesday that gas prices in Europe rose by 12.3%, to exceed $1,400 per thousand cubic meters.

Futures contracts (according to the index of the largest European center TTF) opened trading at the level of $ 1367.6 per thousand cubic meters (+7.3%), as of 10:03 Moscow time, and as of 11:05 Moscow time, prices amounted to $ 1415.9 (+ 11.1%, and a few minutes ago it reached $1430.4 (+12.3%) per thousand cubic meters.

Gas cost growth sharply accelerated the day before after Gazprom announced a possible cut in gas supplies via Ukraine to Moldova from November 28.

It is noteworthy that the European Commission submitted to the European Union a legislative proposal regarding the introduction of a mechanism to limit gas price hikes in the TTF (the largest European center, located in the Netherlands) for a period of one year, which will be automatically triggered if necessary.

As of November 2, gas reserves in European storage facilities had risen to 95.02%, 6 percentage points above the average for the date over the past five years.

The average settlement price for the nearest futures contract in September, according to agency calculations based on London Stock Exchange data, fell to $2,093 per thousand cubic meters (-14.6% in monthly terms), while in August it slightly exceeded $2,450 (+35.7%) making it a record for the entire history of operating gas hubs in Europe since 1996.