Gas price in Europe for the first time in history rose to $1000 per thousand cubic meters


01 October 2021

For the first time in history, the gas price in Europe has risen to $1000 per thousand cubic meters. This was reported on Wednesday by RIA Novosti with reference to trading data on ICE Futures.

 According to the stock exchange, prices for October futures at the beginning of trading reached $992 per thousand cubic meters. Later, at 10:10 Moscow time, the October futures price on the TTF hub in the Netherlands peaked at almost $1,030 per thousand cubic meters.

 On September 15, the price of gas in Europe reached $950 per thousand cubic meters, breaking the record for the fourth time in a day.

 On September 14, Konstantin Simonov, director of the National Energy Security Fund, said that the price of gas in Europe could reach $1000 per thousand cubic meters. According to him, gas in European territory is becoming more expensive mainly due to weather reasons, a reduction in LNG supplies, and a lack of gas in storage facilities ahead of the heating season. However, “speculative” factors also contribute to the acceleration of prices.