Gas Prices Continue to Rise in Europe

Gas prices in Europe have reached $1560 per thousand cubic meters, according to data from ICE Futures exchange. As of yesterday, February 23, the price at the end of the auctions was $1041 per 1000 cubic meters, reports "Kommersant."

As of February 17, the underground gas storage (UGS) in Europe utilized 95.3% of the volume pumped there in the summer of 2021. Consequently, less than 5% remains in the UGS facilities across Europe. Supplies of Russian gas to European countries have been declining since mid-2021, with a noticeable acceleration in the fall as of early 2022.

Germany has suspended the certification of the Russian 'Nord Stream 2' gas pipeline in response to Russia's recognition of the independence of the self-proclaimed Donetsk and Luhansk People's Republics. Dmitry Medvedev, Deputy Chairman of the Security Council of Russia, has stated that due to this, Europe will have to pay €2000 per 1000 cubic meters. Meanwhile, Ukrainian President Volodymyr Zelensky has requested the complete shutdown of the gas pipeline.