The cost of the September futures contract for natural gas at the TTF hub in the Netherlands soared by 22.43% to 38.035 euros per 1 MWh, or $438.4 per 1 thousand cubic meters. m, taking into account the current rate in the Forex market, writes RBC with reference to the data of the ICE exchange.
Gas in Europe is traded above $400 per 1,000 cubic meters. m for the first time in a month – from July 5 of this year.
The growth of European natural gas futures is a consequence of concerns about the reduction in the supply of liquefied natural gas (LNG).
Bloomberg reports a reduction in gas inflows to a large expert terminal in the United States. In addition, there is a risk that LNG supplies will be redirected from Europe to Asia in autumn, where gas prices are higher, Trading Economics notes.
These fears even outweigh the fact that gas reserves in European storage facilities are at record levels and have reached 87.72%. A year earlier, the vaults were only 72% full.
Meanwhile, the largest German energy company EON said that the European energy market is still threatened by a sharp price hike this winter, and urged citizens and businesses to continue to save gas and electricity.
Source: Rosbalt
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