Gas Prices in Europe Reach Historic Record

Gas prices in the European futures market have surpassed $1,000 per thousand cubic meters for the first time in history, according to data from ICE Futures. The Dutch TTF index futures started at $992 and reached a historic high of nearly $1,030 by 11:10 AM Armenian time.

The previous record was set on September 15 when the price per thousand cubic meters rose to $963.9. Over the past few weeks, fuel prices in Europe have increased by more than one and a half times; on September 1, gas was sold for $614 per thousand cubic meters.

Analysts attribute this spike to concerns about potential shortages in European gas storage facilities. Additionally, rising demand is linked to economic recovery, weather factors, and supply limitations from Gazprom, Europe’s largest supplier.