The price of gas on European stock exchanges has reached its maximum in four years

The spot price of gas on European stock exchanges during trading on Friday, October 30, exceeded the mark of $ 1,200 per 1,000 cubic meters, a similar level was recorded for the first time since December 2022. This follows from the trading data of the ICE exchange.

According to the analysis of the main trading hubs in the region, the cost of a resource with a "day in advance" supply at the TTF site reached $1,231.2 per 1,000 cubic meters per 1,000 cubic meters, which is equivalent to about €104.75 per MWh.

Simultaneously with the increase in spot prices, fixed-term contracts have risen in price. The price of gas futures for December delivery at the TTF hub in the Netherlands rose to $1,291 per 1,000 cubic meters (€103.81 per MWh).

Out of the blue, but in gas: fuel prices in the EU may rise to $1,500 by the end of the year

Why is its cost rising again and how will the heating season affect the situation?

Gazprom CEO Alexey Miller admitted on the same day that if the coming winter in Europe was cold, gas prices in the region could reach $2.5 thousand per thousand cubic meters. He noted that the Europeans had also set a series of historical anti-records for pumping gas into underground storage facilities.