Gas Prices in Europe Reach $900 for the First Time

Gas prices in Europe have set a new record, surpassing the $900 mark per thousand cubic meters for the first time in history. This is confirmed by data from ICE Futures, as reported by Armenpress.

On September 15, the price surged sharply by 12 percent. As of 10:35 AM Yerevan time, the price for October futures, according to the Dutch TTF index, reached $841.39 per thousand cubic meters. By 11:21 AM, it rose to $851.27, and shortly thereafter at 11:46 AM, it exceeded $875.84. The previous record was set on September 14, when prices reached $810.

Since the beginning of the week, fuel prices in Europe have increased by 22 percent, and since the start of September, they have nearly doubled. On September 1, gas was trading at around $614 per thousand cubic meters. Analysts believe that such dynamics are due to last year's cold winter in the EU, which resulted in low inventory levels for raw materials.

As of September 14, European gas storage facilities were filled to 70.75 percent, compared to 93 percent last year. Furthermore, experts suggest that Gazprom is unlikely to increase pumping and sales against the backdrop of the upcoming activation of the Nord Stream 2 pipeline, as reported by RIA Novosti.