The price of gas in Europe surpassed $3,200 per 1,000 cubic meters during Thursday trading for the first time since March 8, according to data provided by London’s ICE. The increase in the gas price since the beginning of trading is over 8%.
The price of gas futures for September delivery at the TTF hub in the Netherlands rose to $3,238.5 per 1,000 cubic meters, or 312.61 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).
The growth is due to an increase in the price of Asian futures contracts on supply of liquified natural gas over fierce market competition among developed countries, including Japan and South Korea that are boosting reserves before the winter. Moreover, prices are surging as Nord Stream is expected to be completely stopped from August 31 to September 2 due to the repair of the only gas compressor unit remaining in operation.
