Security walks in front of the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. REUTERS/Fabrizio Bensch
Gas prices in Europe surpassed $500 per 1,000 cubic meters on Thursday, marking the highest level since November 28, 2023, according to data from London’s ICE exchange.
Growth since the beginning of the day has reached around 5%, News.Az reports, citing foreign media.
The price of December futures at the TTF hub in the Netherlands rose to around $500.5 per 1,000 cubic meters or 45.9 euro per MWh (based on the current exchange rate of euro to dollar, prices for ICE are presented in euros per MWh).
The gas price in Europe is rising amid a serious growth of withdrawal from European underground gas storage (UGS) facilities, which is almost 50 times higher than pumping. European UGS facilities are currently 92.58% full (0.54 percentage points higher than the average as of this date in the past five years), with 102.76 bln cubic meters of gas stored in them.
