The price of natural gas in the European market has reached another record-setting price, exceeding $730 per 1,000 cubic meters, TASS cited Intercontinental Exchange.
“At TTF Hub, the cost of Futures for October reached $731,500 per 1,000 cubic meters or EUR 59,950 per 1 Mwt/hr in the Netherlands on Monday (due to the current Euro exchange rate against the dollar, the prices at Intercontinental Exchange are presented in euros for 1 Mwt/hr),” the press release reads.
The previous record-setting price of natural gas in Europe was recorded in late August when the cost exceeded $600 per 1,000 cubic meters for the first time in history. It is stated that the key factor for price increase is the low level of natural gas resources in the underground storage rooms in Europe when there is limited supply of natural gas and liquid gas through pipelines.
In early August, Gazprom lowered the gas pumping volumes to storage rooms in Europe.