Europe experiences record-breaking gas prices, surpassing 16% increase

Gas prices in Europe rose by more than 16% on Monday afternoon, exceeding the price of $300 per thousand cubic meters.

According to the London Stock Exchange, the cost of futures contracts for gas in Europe rose today, Monday, at a growth rate of more than 16%, so that the price of each thousand cubic meters of gas exceeded $300.

According to the TTF index (the largest center in Europe), July futures contracts opened at $265.5 per thousand cubic meters, up 0.8%.

As of 15.49 Moscow time, it amounted to $307.4, which is 16.7% more. The dynamics of applications depends on the settlement price of the previous trading day, which was $263.3 per thousand cubic meters.

Gas prices have been declining since the end of last year until May 25, to their lowest level in two years, as they fell to less than $300 per thousand cubic meters.

This decrease is about 13 times less than the records recorded in the early spring of last year, when it reached $3,892 per thousand cubic meters.

The price of gas on the European exchange fell due to ample supplies in underground gas storage facilities in the European Union, as well as warm and windy weather and austerity measures that have significantly reduced natural gas consumption.

Source: News

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