The average settlement price of natural gas in Europe rose 35% to $2,450 per thousand cubic meters in August, reaching a record $3,500 for the first time. About to witness London ICE data.
Gas futures for September delivery were trading at $2,100 per 1,000 cubic meters at the beginning of August. However, since August 15, bids have surpassed $2,400 for the first time in five months. And already on August 19, Gazprom’s statement on the suspension of Nord Stream for three days rose to $ 2,700 per thousand cubic meters, with an increase in gas prices by almost 8%. A week later, gas traded at $3,500 and is approaching its all-time high of $3,892.
Later, gas prices began to drop, and in a matter of days, gas futures dropped more than $1,000. But even current gas prices in Europe are ten times higher than in the same period last year.
Earlier on Saturday, European Council President Charles Michel sort ofHe said the European Commission (EC) was too slow to respond to the sharp rise in gas and electricity prices. He noted that the Council of Europe first brought up the issue of energy prices almost a year ago and then returned to this issue again and again. According to Michel, several requests were received for the European Commission to make specific recommendations, but no response.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.