Gas price in Europe surpassed $1,500 per thousand cubic meters

Exchange gas prices in Europe surpassed $1,500 per thousand cubic meters for the first time since the beginning of April, the growth rate reached 16%, according to the London ICE exchange.

July's futures at the largest European hub, TTF, started Thursday trading at $1,334.9 per thousand cubic meters, which is 6.2% higher than the settlement price of $1256.5 on Tuesday. By the middle of the day, prices skyrocketed by 17%, exceeding the mark of $1,500. Meanwhile, the maximum is $1,519 per thousand cubic meters.

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Gas in Europe soared by 20% going above €100 per MWh because Gazprom cut supplies via Nord Stream by 40%.