The price of gas in Europe officially surpassed the previous historical maximum set in March 2018, when the legendary cold front "the Beast from the East" covered Europe, Interfax-Ukraine reports.
The price in Europe following the prices in Asia – the November futures on the Asian spot LNG index JKM Platts added $60 at once and reached $1.042 per thousand cubic meters. In the context of a general shortage of gas supplies (via pipelines and in liquefied form), Europe is forced to compete for LNG with the premium market in Asia.
The price of the nearest (October) futures on the TTF spot gas index on the ICE Futures exchange on Tuesday morning reached €85.245 per MWh, or $1.030 per thousand cubic meters, according to the exchange data.
The historical record for the price of a day-ahead contract on TTF was recorded on March 1, 2018 – €76 per MWh, or $969 per thousand cubic meters.