Europe sees 8% increase in gas price

The gas price in the European futures market has risen by 8%.

Report informs, citing foreign media, that the October futures for gas at Europe's most liquid hub, TTF (Netherlands), have reached $860.2 per 1,000 cubic meters.

The volatility in natural gas prices in the European futures market continues. On September 15, the prices grew to a record $963.9. A day after, the prices dropped by over 10%. Last Friday, the natural gas futures rose by 4.6% to $807.1.

The decline in gas reserves in reservoirs is listed among the main reasons for the increase in European gas prices. The occupancy level of underground gas reservoirs in the European Union is 20% lower than the average indicator of the past decade.