Gas prices in Europe reached $525 per thousand cubic meters

Gas prices on the European forward market after Gazprom's refusal to participate in European auctions for additional transit capacity for the next four quarters rose to $525 per 1000 cubic meters. This is evidenced by the trading data,  Angi reports.

At 3:00 pm (August 2), the price of September gas futures on the TTF index, the most liquid hub in Europe, reached a maximum during the trading session on Monday – $525.4 per 1000 cubic meters. At the time of the opening of trading, the price was $509.5 per 1000 cubic meters.

At the same time, spot gas prices are still below this level, but they are also updating multi-year highs. Since the beginning of last week, the TTF spot price under a day-ahead contract has grown from $ 433 per 1000 cubic meters on July 26 to almost $490 per 1,000 cubic meters on August 2.

On Monday Gazprom did not participate in auctions for additional solid capacities for pumping gas through Poland through the Yamal-Europe gas pipeline and through the Ukrainian GTS for the fourth quarter of 2021 and the first three quarters of 2022.

As VTB Capital analysts explain, the price of gas in barrels of oil equivalent is now overtaking the price of oil. This happened only twice in the history of observations: one day in the fall of 2019, and also in the spring of 2008.

Tags: Gazprom, gas, RF, Gas market, Ukraine, pipeline, price, gas supplies, auctions, Poland, natural gas, Europe

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