The data provided by London’s ICE on Wednesday shows early trading has increased the price of gas in Europe to over $625 per 1,000 cubic meters while the total growth of the gas price equals roughly 3%, only a day after Alexander Ivannikov, Gazprom’s department head, pointed the current gas prices in Europe will remain in the near future.
The price hike of gas futures on September 1 was largest for October delivery at the TTF hub in the Netherlands, bringing it to $625.9 per 1,000 cubic meters or 51.8 euro per MWh based on the current euro exchange rate against the dollar.
According to the EU Commission’s latest European Gas Market report, European spot gas prices spiked on Gasunie’s leading TTF virtual trading platform and other European trading hubs in 2018 and again this past January, when Asian gas markets began offering high premiums to divert LNG cargos from Europe.
Considering the strong demand for gas in Europe and the revenues from the first half year reaching 10% above the forecast of the Moscow-based brokerage Sova Capital, Russia’s national gas company is expecting a bumper couple of years.
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