The price of gas in Europe jumped to $710

The price of gas in Europe jumped to $710

The price of in Europe exceeded $710 per 1 thousand cubic meters during trading, according to ICE exchange data.

“The price of the October futures at the TTF hub in the Netherlands on Friday peaked at $710.07 per 1 thousand cubic meters or 58 euros per MWh,” the report says.

It is noted that since the beginning of the day, the overall increase in the cost was 2.5%.

Russian President Vladimir Putin explained the increase in prices in Europe as a consequence of the decisions of the previous composition of the European Commission. According to him, there is also market pricing in Russia, but this price is tied to the price of oil, and it is regulated by the market, but the fluctuations are “softer”. He added that those who in Europe agree to conclude gas supply contracts with Russia “will only be able to rub their hands and rejoice,” because Gazprom sells fossil fuels to Germany at a price of $220 per thousand cubic meters.

Gas prices in Europe have been rising since the beginning of the year, having increased by about four times. In June, the September futures on the TTF gas hub cost about $316. The main reason for such a significant rise in price is the low gas reserves in European gas storage facilities, which are almost exhausted due to the cold winter and hot summer.

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