September 29, 2022

The stock price of gas in Europe soared by 59% and set a new record


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The cost of gas futures in Europe broke through the level of $2,200 per thousand cubic meters. m. Prices are rising against the backdrop of falling stocks in European UGS facilities to record lows and increased geopolitical tensions

The exchange price of gas at the opening of trading on the ICE Futures site soared above $2,200 per thousand cubic meters. m. The cost of the April futures at the TTF hub in the Netherlands rose by 34% and by 11:58 Moscow time reached €193.95 per 1 MWh, or $2,260 per thousand cubic meters. m, taking into account the current rate, according to the data of the ICE exchange.

Demand for energy carriers has grown due to increased geopolitical tensions. Investors are afraid of cutting off gas supplies from Russia. Against this backdrop, oil prices also rose to their highest levels in the last seven years. Today, on the London ICE Exchange, the price of futures for Brent oil for May delivery came close to $113 per barrel for the first time since July 2014.

The rise in prices is also observed against the backdrop of falling stocks in European underground storage facilities (UGS) to record lows. According to Gas Infrastructure Europe, as of February 27, the volume of active gas in European underground storage facilities has decreased to 28.8 billion cubic meters. m. This is 21.3% (7.8 billion cubic meters) less than last year and 0.4 billion cubic meters. m below the historical minimum values ​​for this date.

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